Whitebark Energy Limited provided shareholders with an update on its Rex-4 development well at the Wizard Lake Oil and Gas Field ("Wizard Lake"). As announced 28 June 2022, the Company had intended to prepare the site for spud on or around 6 July 2022 but severe weather conditions in the region have impacted rig mobilisation. The Company now expects this to occur in approximately five days as weather conditions are forecast to improve considerably by the weekend, allowing the Company to complete earthworks and safely move the Star Valley 201 rig from its previous site to Wizard Lake.

Whitebark expects to spud the Rex-4 well on or around 19 July 2022 and the initial 2,400-metre extended reach horizontal well is expected to take 14 days to drill. The Company has modelled initial post-clean up production rates of approximately 300 barrels of oil and 1,400 mscf gas per day which will lift total Wizard Lake production to approximately ~750 boepd. The Company expects ultimate recovery of approximately 155,000 barrels of oil and 1.3 Bcf gas from Rex-4.