- Oil and gas explorer Whitebark Energy (WBE) has appointed Dr Simon Brealey as the company’s Interim CEO
- Simon will lead the company as it completes the acquisition of the Wizard Lake Oil Field and plans the asset’s future
- The bid deadline for the oil field recently passed, with Whitebark’s C$2 million (roughly A$2.09 million) offer the superior bid
- The company is now in the process of completing the asset acquisition, with transaction expected to settle around May 17
- Whitebark Energy has been in a trading halt since January 2021, when it last traded at 0.35 cents per share
Oil and gas explorer Whitebark Energy (WBE) has appointed Dr Simon Brealey as the company’s Interim CEO.
Dr Brealey brings over 30 years of experience in onshore and unconventional oil and gas asset exploration and development to his new role. He has a Ph.D in oil field geology from the University College at the University of London.
During his career, Dr Brealey was worked with companies such as Amoco, Santos (STO), Beach Energy (BPT), and Cooper Energy (COE), in Australia, Asia, Africa, and Europe. Most recently, he worked as Head of New Ventures at Bass Oil (BAS).
Dr Brealey will lead Whitebark Energy as it completes the acquisition of the Wizard Lake Oil Field.
Earlier this year, the company made a C$2 million (roughly $2.09 million) bid for the asset via is subsidiary Ironbark Energy. The bid consisted of C$336,000 (approximately A$350,000) in cash and C$1,664,000 (roughly A$1,735,000) in forfeit of existing inter-company loans.
The bid deadline, April 16, has now passed without a superior qualified bid being put forward. As such, Whitebark’s offer triumphed as the superior bid, allowing the company to begin the process of asset acquisition.
The company expects the transaction to be completed on or around May 17, 2021.
In addition to overseeing the final acquisition process for Wizard Lake, Dr Brealey will also lead the company as it plans for the oil field’s new future and seeks additional opportunities.
He has been appointed on a monthly basis following a strategic review of Wizard Lake and will be paid a flat fee of $10,000 a month.
Whitebark Energy’s Chair, Charles Morgan, was excited to announce Simon’s appointment as Interim CEO.
“We believe he will be a great fit given his technical capabilities and deep understanding of the oil and gas industry,” he said.
“Having regard to his excellent work on reviewing the company’s operations, we are confident in his ability to take the company forward,” he added.
Whitebark Energy has been in a trading halt since January 2021, when it last traded at 0.35 cents per share.