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Whitebark Energy - Operational Update


3D Program Identifies Material New Oil Targets in CanadaCurrent Whitebark Production approx. 400boe/d

Highlights

  • Westcove 3D program identifies new drilling targets with potential for over 40 mmboe in place (gross):                                    o Ostracod Liquids Play 10mm boe in place (2mm boe netto WBE);
    o Nordegg Liquids field extension 12mm boe in place (2.4mm boe netto WBE);
    o Banff Oil Play 20mm bbls in place in two features (4mm bbls netto WBE).

  • Thornbury Project Stage 1 completed, 750mmcf/d gross now being processed through 100% owned gas facility.

  • Operating Costs improve to circa $15/boe with scale and further improvements forecast with cost control measures adopted.

    Whitebark Energy Ltd (ASX: WBE) (“Whitebark” or “the Company”) is pleased to provide an update on its Canadian Operations. The Company's Point Loma Joint Venture (PLJV) undertook a 3D Seismic Program in Q1 2018 in the Westcove area and the data have now been processed and the interpretation of the results is underway.

    The program identified significant new drilling targets with potential for over 40 mmboe in place adjacent to the PLJV's Paddle River oil field.

    “Finding significant new oil targets with today's oil price adds significant value to the company.” said David Messina, Managing Director of WBE. “We will be factoring the result of the 3D into our drilling program with the potential to test the play in 2018.”

    PLJV 3D Seismic Program Identifies New Oil Targets

    The main objective of the 3D program was to define the extent of the Nordegg oil accumulation being produced by horizontal well 5-31 and provide guidance on the optimal location and direction for a planned Nordegg horizontal development well. A secondary objective was to delineate the extent of an underlying Banff Oil play in the surrounding area and in an area in the NW portion of the survey around well 8-11.

    Not only has the 3D delivered valuable information on these objectives but it has also identified a potential Ostracod oil pool which appears to be analogous to the adjacent PLJV Paddle River oil field (Figures 1 and 2).

    As shown in Figure 2, the Nordegg pool is currently being produced from well 5-31. The 3D has defined the areal extent of the accumulation around this well and to the north and west and suggests the potential for further development wells.

    In the NW part of the 3D (Figure 2), the data indicates a Banff level closure associated with a seismic anomaly which is usually associated with a thickening of the reservoir unit (see Figure 1 and 2). Importantly, well 8-11, which drilled through the feature, appears to contain by-passed pay at the Banff level with the unit yielding high gas readings, strong oil related fluorescence and indications of pay on the electric logs.

     

page2image1138618864

Figure 1- Westcove 3d Seismic Arbitrary Line through wells 8-11 and 5-31

To the west of the Westcove 3D area, the PLJV operates the Paddle River Ostracod oil field which is held in a stratigraphic trap formed by the reservoir unit pinching out updip within a paleo valley. The 3D has identified an analogous configuration within the Westcove area (Figure 2). The presence of a low area with a seismic thickening at the Ostracod level suggests the potential for an oil accumulation akin to Paddle River field.

Figure 2 - Westcove 3D Timeslice showing location of prospects and Paddle River Pool

page2image1223264928
 

The potential unrisked resources for all the features described above are set out in Table 1.

Table 1 - Resource Estimation Approach Westcove 3D Drilling Opportunities

 

Category

Resource assessment approach

Stratigraphic Unit

Best Estimate OOIP mmbbl

Best Estimate OOIP mmbbl Net to WBE (20% WI)

Type of Trap

Reservoir Type

Ostracod Prospect

Prospective

Deterministic GRV and bbls/ac-ft

Cretaceous

10

2

Stratigraphic

Fossilferous Sandstone

Banff 8-11 by-passed pay

Contigent

Deterministic GRV and bbls/ac-ft

Mississippian

15

3

Structural/Stratigraphic

Dolomite

5-31 Banff

Prospective

Deterministic GRV and bbls/ac-ft

Mississippian

5

1

Structural/Stratigraphic

Dolomite

5-31 Nordegg

Contingent

Deterministic GRV and bbls/ac-ft

Jurassic

12

2.4

Structural/Stratigraphic

Limestone and Dolomite

Thornbury Reactivation Project

Stage one of the winter Thornbury Reactivation project has been completed and approximately 750mmcf from four wells is now flowing through our 100% owned facility at Thornbury. Two wells are still to be brought back online due to technical issues and, as a result, the final volumes have been lower than previously forecast. As the breakup has commenced throughout the area, reactivation of the two wells is not likely to occur until late 2018.

PLJV Corporate Transactions

The PLJV closed on the sale of one isolated section (640 acres) of the 29,000 acres recently acquired in the Gilby acquisition for $160,000. An overriding royalty was also sold over the lands relating to the Gilby acquisition for $500,000 gross ($150,000 net to WBE) bringing the PLJV net cost of the acquisition to approximately $450,000.



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Whitebark EnergyOperational UpdateCanadaASXWestcove 3DOilonshoreThornbury Development

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