Our JV partner is cash strapped and may be unable to drill the next two wells in a timely manner. WBE has the option to take 100% of Rex2 and Rex3. The cost of Rex 2 at 100% is $2.8m CAD.
The raise allows WBE to pay for the pipeline and drilling of Rex2 and 3 at 100%. If all goes to plan the next 9 to 14 wells would be funded by operating cashflow.
This is all good news and if we take 100% it is transformational for WBE.
AIMHO
Ann: Wizard Lake Development Begins with Funding Boost of $1.95m, page-3
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