Strategy

“Growth Through Disciplined Execution”

Build a high margin production base through development of the Wizard Lake Oil Field and by the acquisition of complementary assets. Whitebark plans to continue to grow its Canadian assets during FY2020.

Planned Activities in FY2020

  • Drill development wells in Wizard Lake Oil Field.
  • Review and assess options for asset acquisitions in the region.

Activities in FY2019

  • Acquisition of 100% of WIzard Lake Oil Field – 18 December 2019.
  • Two development wells in Wizard Lake Rex oil pool. First Development Well Rex-2 – Completed and successful, 6 September 2019. Rex-3 Completed and successful 9 December 2019.
  • Wizard Lake Facility Construction and tie-in of Discovery Well Rex-1 – Completed 5 June 2019.
  • Wizard Lake Facility Upgrade and Gas Pipeline Construction – Completed 23 December 2019.
  • Additional Land Acquisitions over Wizard Lake Oil Field.

Activities Since Candian Entry in July 2017

  • Wizard Lake Discovery Well successfully completed – 24 December 2018.
  • Entry into Wizard Lake area for Rex Oil Play – 1 October 2018.
  • Doubled net production since acquisition and almost tripled net reserves (proven + probable) in the same timeframe.
  • Gilby Acquisition of approx. 26,500 gross acres of land and 450 boe/d production finalised in March 2018.
  • Drilled two wells in 2017 and two well drilling program confirmed for H1 2018.
  • Acquired 13 new sections land via land auction system.
  • Acquired strategic land around core Paddle River Oil Project, including stranded wells and equipment.
  • Nine well workovers in existing producing areas.
  • 3D Seismic Acquisition Program over Banff play identified potential 40 million bbls oil in place (8.4 mmboe net to WBE).
  • Duvernay Shale land rush around WBE land holding in Canada.

History

In May 2017, Whitebark, via its Canadian subsidiary Salt Bush Energy Ltd, completed an acquisition of a 20% direct interest in the assets of a Canadian based explorer/producer for an investment of CAD$4.2 million.  The acquisition included producing wells, land, property, equipment and production facilities (for full details, see ASX announcement dated 24 May 2017 under Investor Centre).

Modest drilling depths throughout and technological advancements associated with horizontal drilling, leads to strong economic returns due to low-cost wells and close proximity of production facilities and easy access to market.