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.
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).