logo-loader
EnergyOil & Gas
Whitebark Energy Ltd

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.

Quick facts: Whitebark Energy Ltd

Price: $0.01

Market: ASX
Market Cap: $15.71 m
Follow

More on this story

Watch

Grand Gulf Energy well placed as drilling advances at Boleslaw well

Managing director of Grand Gulf Energy (ASX:GGE) Mark Freeman told Proactive the group was very well placed looking ahead. The firm, with a market cap of A$5.2mln has revenues from three producing fields, which generate over US$100,000 a month after costs, including royalties. It has...

on 15/12/16

2 min read

;