All tagged Whitebark ASX:WBE
Whitebark Energy (ASX:WBE) is pleased to report a robust second quarter with an average daily production of about 275boe/d from its Canadian JV in December, confirming its Xanadu oil discovery in the Perth Basin and $3 million cash injection to fund its active work program and acquisition strategy. Whitebark's H1 2018 work program is expected to increase gross production by about 900boe/d to between 1,800-2,000boe/d by June.
Whitebark Energy (ASX:WBE) has finalised its work program for the first-half of 2018. The Company has commenced work on its Thornbury reactivation project in Canada, which is expected to increase production by 1.7mmcf/d. A two-well drilling program has been confirmed for the first-half, along with nine well workovers in existing producing areas. Up to 20 wells are expected to be brought back on stream over a six-month period as pipelines are recommissioned.
Whitebark Energy (ASX: WBE) shares have risen sharply on positive updates about the Xanadu oil discovery in the Perth Basin and production increases at its low-risk onshore Canadian assets. Testing at Xanadu has revealed the crude is similar in quality to that from the nearby Cliff Head field, and contains no H2S and extremly low levels of CO2. In Canada, the successful drilling for further wells is boosting gross production to 1250 barrels a day.
Whitebark Energy (ASX:WBE) has intersected hydrocarbons in three wells that it is currently drilling in Australia and Canada. In Australia, oil shows were identified in the 160mmbbl Xanadu-1 well, with logging to commence in the next day or so. In Canada, strong gas shows were recorded in the 9-18 Sparky horizontal well, while the Nordegg 5-31 recompletion well tested 160bopd and 850mcf gas over a 24 hour test.
Whitebark Energy (ASX: WBE) has joined the gas industry's warning that the State-wide moratorium on fracking pending another inquiry into the drilling technique would delay important energy projects in WA and further increase costs at a time of low commodity prices. Whitebark also confirmed that the high impact Xanadu-1 exploration well, being drilled in the Perth Basin, was not affected by the moratorium. Whitebark is earning a 15% stake in Xanadu.
Whitebark Energy (ASX: WBE) and its partners in the Xanadu oil prospect in the Perth Basin have brought forward the well's spud date to next week. Early release of the Enerdrill Rig-3 means the Xanadu partners are able to start drilling Xanadu-1 on September 5, 10 days earlier than planned. Xanadu-1, near Dongara, will test a 160 million barrel prospect and will be one of only a handful of exploration wells to be drilled in the Perth Basin this year.
Whitebark Energy (ASX: WBE) says the Xanadu-1 exploration well in the northern Perth Basin, to test an unrisked prospective recoverable resource of 160 million barrels of oil, should spud in the second half of September. The well, in permit TP/15, is a key plank of Whitebark's strategy to provide shareholders with a mix of reliable, low-risk production (from its onshore Canada assets) and highly prospective but affordable exploration upside.