Join our daily newsletter At The Bell to receive exclusive market insights
- Whitebark Energy has finished drilling the vertical section of the Rex-3 well at the Wizard Lake Oilfield in Canada
- Drilling began on the 18th and has so far reached a depth of almost 1600 metres
- Samples have so far shown increased porosity and oil staining
- The Wizard Lake Oilfield has the potential to contain over 24 wells targeting 11 million barrels of oil
- Drilling is expected to be finished early next week
- Whitebark Energy shares remain flat today and are trading for 1 cent each
Whitebark Energy has given a progress update on the drilling of Rex-3, the Wizard Lake development oil well in Canada.
Drilling commenced on November 17 after the Precision Drilling Rig 186 arrived on site the day before.
The pre-horizontal portion of the well is completed and 178 millimetre casing is currently being run.
The well penetrated the overlying Sparky Coals at 1398 metres true vertical depth (TVD) and the top of the Rex Sand Unit at 1403 metres TVD.
At 1525 metres, a gas spike to 1100 units was noted, with samples showing increased porosity and oil staining.
Samples stayed consistent to ICP, containing predominantly unconsolidated upper fine-to-medium sized grains, mottled light brown to tan oil staining, and even yellow fluorescence and pale yellow cut fluorescence.
Rex-3 will drill ahead in a 159 millimetre hole through the Rex sands between 1405 and 1430 TVD for an 1800 metre distance.
Rex-3 is the third horizontal well to be drilled in the multi-well development program for the Wizard Lake Oilfield. Rex-3 is being drilled from the same pad as Rex-1 and Rex-2.
The Wizard Lake Oilfield has the potential to contain over 24 wells targeting 11 million barrels of oil equivalent.
Whitebark’s interest in Wizard Lake is now at 40 per cent and will increase to 50 per cent following the completion of Rex-3.
Drilling operations are expected to be finished early next week.
Whitebark Energy shares remain flat today and are trading for 1 cent each at 11:11 am AEDT.
