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Whitebark Energy halted pending outcome of review of Canadian investment

The company has been focusing on optimising production from the Wizard Lake Oil & Gas Project in Canada as the oil price recovers and stabilises.

Whitebark Energy Ltd - Whitebark Energy halted pending outcome of review of Canadian investment
The halt will be in place until January 15 or when an announcement is released to the market.

Whitebark Energy Ltd (ASX:WBE) has been granted a trading halt pending an announcement regarding the outcome of a review of its investment in wholly-owned Canadian subsidiary Salt Bush Energy Ltd.

In its request to the ASX for the halt, Whitebark stated that the news would be “material to the company”.

Saltbush Energy is the owner and operator of the group’s Wizard Lake Oil and Gas Project in Alberta, Canada.

Securities will remain halted until the earlier of the start of normal ASX trading on Friday, January 15, 2020, or when an announcement is released to the market.

Optimising production

During the September quarter, the company focused on optimising production from Wizard Lake as the oil price recovers and stabilises.

A turnaround (annual shutdown and maintenance) on facilities was undertaken and components were upgraded or replaced as required and a cleanout was undertaken on Rex-2 to remove a sand blockage.

The company recorded production levels for the quarter of 17,460 barrels of oil and 114,574 mcf gas equating to 36,556 barrels of oil equivalent (similar to 37,797 barrels of oil equivalent in the previous period even with interruptions).

Quick facts: Whitebark Energy Ltd

Price: 0.0035 AUD

ASX:WBE
Market: ASX
Market Cap: $14.22 m
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