Whitebark Energy Sells TP-15 Interest for Up to $5m

Source Press Release
Company Whitebark Energy Ltd3C Group IC LimitedNorwest Energy NLTriangle Energy (Global) Limited 
Tags Asset Deals, Deals, Upstream Activities
Date October 25, 2018

• Whitebark has executed a Sale and Purchase Agreement to sell its 15% interest in TP-15 to Triangle Energy (Global) Ltd for up to $5m.

• The offer structure allows Whitebark to retain exposure to any commercial success at Xanadu which is located within TP-15.

• Whitebark intends to invest the initial sale proceeds into new Canadian oil projects where the JV has recently identified exploration opportunities of over 100 million barrels of oil in place (>20 million bbls net to WBE – Refer ASX Release 1 October 2018).

• Simultaneously, negotiations on a new Canadian oil asset are progressing but remain confidential.

• Current Canadian production is currently around 320 boe/d and is benefiting from the strengthening oil and gas prices.

Whitebark Energy (ASX:WBE) has executed a Sale and Purchase Agreement to sell its 15% interest in TP15 (the Perth Basin permit containing the Xanadu oil discovery) to Triangle Energy (Global) Ltd (ASX:TEG) for $5 million.

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