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Whitebark Energy secures $1.95 million as Grand Gulf Energy becomes substantial holder

Whitebark has commenced the next phase of development at the Wizard Lake Oil Pool Project in Canada.
oil barrels
The company is aiming to bring the Rex-1 well into production

Whitebark Energy Ltd (ASX:WBE) has raised $1.95 million in funding via the issue of 390 million shares priced at 0.5 cents each to Grand Gulf Energy Ltd (ASX:GGE) for a 19.87% interest.

Funding will be used for production facilities and drilling programs at the Wizard Lake Oil Pool Project housed in the Point Loma Joint Venture (PLJV) in Canada.

READ: Whitebark Energy begins work on production facilities at Wizard Lake joint oil project

Whitebark has already commenced the next phase of the Wizard Lake development following the success of the Rex‐1 discovery well in January 2019.

The company has begun construction of surface production facilities, including an access road and installation of pipelines.

This work is aimed at bringing the Rex-1 well into production and facilitating drilling of the Rex-2 and Rex-3 wells in mid-2019 and early 2020 as planned.

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