The board brought in Dr Simon Brealey, an experienced geologist with an oil and gas background from Beach Energy, Santos and Amoco, to conduct an independent review of Wizard Lake.Dr Brealey outlined a pathway to optimise production, reduce costs and generate significant free cash flow and given his confidence in this upside, decided to join the company as interim chief executive officer shortly after.The new team moved to acquire Salt Bush’s stake in the field and picked up the remaining interests that it didn’t already own – giving it full control of the producing asset.The company also recently raised $2.5 million through an entitlement offer.
WBE Price at posting:
0.2¢ Sentiment: Buy Disclosure: Held
