Ann: Wizard Lake Rex Oil Discovery, page-15

Ha ha , how funny is the always right market.

My portfolio was down big time this morning. But I’m not worried. This is a great result.
Everything about Rex has progressed as predicted.
I Very much liked the graph of the progress of the testing.

In less than a year they have bought into the Rex and proved their expectations of oil dominant production accurate and set up the company on the road to being a profitable company.
They will now set up the above ground infrastructure to collect the gas behind pipe and I guess automate the oil collection.
Once they are selling the gas then production will be at 340Bod equalivants.
Judging by the graph production could rise a little more before a slow decline sets in

These sorts of reservoirs are very mathematical and the profitability will vary with the oil price. I expect they will drill a couple more wells very quickly, as the key to these oil accumulations is drill, drill and drill.

WBE has changed from gambling to being an investment.

Great result.

Cheers

Saltbus