Wizard Lake Rex Well

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  • The Rex horizontal exploration well will be drilled into a mapped area of Rex sands and was spud on 24 November 2018.
  • The presence of oil bearing Rex sands has been confirmed, but not exploited, by previous wells in the area which were drilled to produce oil from much deeper Devonian Leduc reservoirs (mainly in 1950-1960s).
  • The Rex well will be drilled vertically to approximately 1500m and horizontally for 1200m to ensure maximum exposure to the target zone. It is estimated it will take 14-21 days to drill and complete.
  • The well is being drilled in a mapped area which is analogous to a Rex oil field about 12km to the NE where horizontal wells, using modern drilling and completion techniques, are commencing production (first month IP) at rates between 250-300bopd (80% liquids) and have estimated ultimate recoveries (EURs) of 250,000 boe.
  • The Rex prospect is estimated to contain over 60 million bbls of oil in situ (12 million bbls net to WBE) and has the potential for 12-14 follow up development wells. (Refer ASX release dated 1 October 2018 and 13 November 2018).
  • The estimated completed cost of the well is $2.3m (drilling $1.2m, completion and testing $1.1m – $460,000 net to WBE).

Wildwood Ostracod Well (Lower Mannville)

  • The Wildwood exploration well is permitted and licenced for drilling during December 2018.
  • Nearby wells have confirmed the presence of both oil and gas in the Ostracod and the PLJV operated Paddle river field is only ~20km to the NE.
  • The Wildwood well will be drilled to a vertical depth of approximately 1750m and then horizontally for 1200m to ensure maximum exposure to the target zone.
  • The Wildwood exploration target is estimated to contain 8-10 million of oil in situ (1.6-2 million BOE net to WBE) and has potential for 6-10 follow up development wells. (Refer ASX release dated 25 October 2018).
  • The estimated completed cost of the well is $2.5m, (drilling $1.4m, completion and testing $1.1m – $500,000 net to WBE).
  • Adjacent pipeline connected to deep cut facility improves liquids recovery – low tie in costs.