Whitebark Energy Consolidates Paddle River Oil Project in Canada

Australia's newest oil and gas producer, Whitebark Energy (ASX:WBE) has consolidated ownership of the Paddle River Oil Project in Canada via a series of acquisitions with its JV partner.
The Point Loma JV (PLJV) now has 100% of the Ostracod oil pool within the Paddle River project area, following the acquisitions. This now enables the PLJV to significantly add to production by reactivating stranded wells, drilling and bringing on new wells and undertaking well workovers.

After successfully drilling two development wells and carrying out two workovers, gross production is expected to increase to 1250boe/d in the December quarter. This represents a 40% increase since acquiring the project in April with the Company on track to double production within 12 months of acquisition.
The Xanadu field in the North Perth Basin continues to be appraised by the JV partners with respect to production and monetisation options. The high quality of the oil and the proximity to existing underutilised infrastructure offers excellent potential for the project to be brought online in a short timeframe.
The JV partners anticipate providing an update to the market on the development options during November.

Whitebark's Managing Director, David Messina, said “In Canada, the recent acquisitions provide the JV with control of its core Paddle River Oil Project and combined with production increases from recently drilled wells and the Thornbury and Leaman tie-ins, sets the JV up to fulfil its target of doubling production in Canada in the 12 months following the acquisition." 

"In Australia, excitement is building around the development options for Xanadu. Given the quality of the oil and proximity to infrastructure, we are confident that this asset will be monetised in the near future.” 

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Whitebark EnergyASXCanadaAustraliaPaddle RiverJVPoint Loma Resources

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