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    Australia’s Whitebark completes A$2.2mn capital raising

Summary

The funds will be utilised to complete the Rex – 4 development in Alberta, Canada.

by: Shardul Sharma

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Australia’s Whitebark completes A$2.2mn capital raising

Australia’s Whitebark Energy has successfully completed a capital raising of A$2.2mn ($1.5mn), the company said on September 15. The capital raising was conducted via a placement to raise A$1.1mn and a convertible note issue to raise A$1.1mn.

The funds will be utilised to complete the Rex – 4 development in Alberta with the well expected to commence oil and gas production by late October.

The Rex 4 well is expected to contribute 300 barrels of oil and 1,400mn ft3/day which will lift total Wizard Lake production to approximately 750 boe/day, Whitebark said. The company expects ultimate recovery of approximately 155,000 barrels of oil and 1.3bn ft3 gas from Rex-4.

The Rex-4 development well was spudded in August and achieved all of its objectives, the company stated.