Press

WBE Canadian JV Progresses Rex Oil Play in Leduc


Highlights

  • Entry into Leduc Area Rex Oil Play ≈prospective 40-60 million barrels of oil in place (8-12 mmbbls net to WBE)

  • Paddle River Facilities Project moves to engineering phase

  • Neighbouring Duvernay land sales hit $1,000/hectare

  • Non-core, gas weighted property sale for $500,000 (net $150,000 to WBE)

Operations

Whitebark Energy Ltd (ASX: WBE) is pleased to provide an update of its operations in Alberta Canada.

Rex Oil (WBE 20% WI) – Newly captured exploration acreage in an area of high exploration and development activity

The PLJV has recently secured control of a new Rex (Upper Mannville) oil opportunity in the Leduc area. Internal mapping indicates a prospective accumulation of approximately 40-60 million barrels of oil in place. Analogous wells in the area have had initial rates of 250-300 boepd (80% oil and NGL's) demonstrating excellent economics in the current pricing environment and existing infrastructure enables the play to be monetised quickly. The entry into this new oil play could lead to a sizeable inventory of follow up opportunities. The play continues to attract the attention of other key industry operators.

Preparation Commences for 2018/19 Drilling Program

Whitebark's Point Loma Joint Venture (PLJV: where WBE holds between 20 and 30% working interest in the PLJV licenses) is undertaking licensing and preparing AFE's to kick-off up to a three well, high impact program to drill a Banff oil play; the Rex (Upper Mannville) oil well and a Lower Mannville well, which we hope to commence in the next three months. development opportunities.

Each of these wells will, if successful, unlock multiple “Progress on the Rex oil play gives the PLJV exposure to a material new oil play and we look forward to updating the market as we progress drilling plans in the coming weeks” said David Messina, Managing Director of Whitebark Energy.

Duvernay Oil (PLX 20% WI) – Unconventional Shale Play Continues to Evolve

The West Basin Duvernay oil play continues to advance in the region of PLJV lands. In the past 18 months, land has sold in the area for upwards of $1,000 per hectare with total land bonuses paid of approximately $172 million in aggregate.

Including both the West and East Duvernay Shale basins, the industry to date has drilled an estimated 150 horizontal Duvernay shale oil wells within this emerging oil play which continues to attract increasing industry activity. A significant farm-in deal was also announced recently pointing to increased value in the play as development widens.

The PLJV has reviewed technical data in the area that indicates similar reservoir properties to the East Duvernay shale basin where an estimated 10 to 15 million barrels per section of original oil in place is prospective. Point Loma's analysis shows that the West Duvernay has a thickness of approximately 10 to 15 metres, with porosities ranging from 3 to 10% and TOC's in the range of 2% to 10% which are parameters comparable to offsetting East and West basin Duvernay oil development.

PLJV continues to evaluate options to unlock shareholder value from its Duvernay shale holdings, which could include a strategic joint venture, farmout, land swap or outright sale.

Acquisition/Disposition Update: Gilby

The PLJV is pleased to announce that it has entered into an agreement to sell a minor interest in a gas property acquired as part of a previous transaction. The sale price of the non-core asset is approximately $150,000 net to WBE, before customary closing adjustments, and will be paid in cash.

With this recent sale of a secondary non-core property, the PLJV Gilby area property acquisition completed in Q2 2018 has already achieved payout. The property consists of low decline oil and gas production with low operating costs that will contribute to Whitebark's bottom line. Geological work continues to identify additional opportunities, predominantly in the Mannville formation. Land acquisitions and rationalizations will continue as the PLJV focuses attention on this area.



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WBE CanadianCanadaWhitebarkWhitebark EnergyRex OilOilLeduc

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