About Whitebark Energy
Whitebark Energy Limited (ASX: WBE) is a Perth-based company with production and exploration assets in Canada and Australia.
In Canada, the Company holds a 20% working interest in the Point Loma Joint Venture (PLJV)in the province of Alberta, with TSXV-listed Point Loma Resources Limited.
The PLJV is a well-established producer, with existing oil and gas processing facilities and pipelines into markets. Whitebark’s aim for the PLJV is for a significant increase in production and the lowering of costs through the workover and tie-in of behind-pipe reserves and horizontal development drilling.
In Western Australia, the Company funded 20% of the Xanadu-1 exploration well in the Perth Basin to earn 15% of the prospect and permit TP/15. On 25 September 2017, the Operator announced Xanadu field 1 as an Oil Discovery. Oil assay results have also confirmed a Cliff Head analogue which is 14km to the NE of Xanadu. The Joint Venture is currently planning 3D and reservoir engineering studies in Q1 2018 before proceeding with a development program
Through wholly owned subsidiary Latent Petroleum, Whitebark holds a majority interest (57%) in the 1.5tcf (refer ASX release dated 19 November 2015) undeveloped Warro Gas Project, about 200km north of Perth. Alcoa of Australia is Latent’s joint venture partner and holds 43% of the Warro project equity. The farm-in program includes a drilling program and seismic surveys which could see Alcoa earn a total 65% interest, with Latent retaining 35%.