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Whitebark Increases Interest in Wizard Lake to 85%

Gasoil News - Published on Tue, 14 Jul 2020

Image Source: Whitebark Energy
Whitebark Energy Ltd announced the completion of the lease renewal for the mineral rights in three sections of land 713 hectares. A Right of First Refusal for Whitebark's Joint Venture partner to participate in the renewal has expired. Whitebark now holds a 100% interest in the three sections. As a result, Whitebark's interest in over ten sections covering the Wizard Lake Oilfield has increased to an average of 85%.

Ownership of the individual sections ranges from 60% to 100%, however as sections are renewed, under the ROFR rules the Company may increase its interest in the sections to 100% which would further increase the average ownership of the field.

Following the current Entitlement Offer, Whitebark will be well positioned to continue to selectively increase its interest in the field.

The Company owns 100% of the facilities and associated pipelines and operates the field.

Source :

Posted By : Yogender Pancholi on Tue, 14 Jul 2020
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