Ann: Wizard Lake Interim Results, page-33

There has been concern about when Rex 2 is going to start, as there has been two dates mentioned. The second week in August and in July.
I have been thinking about this and I think the PLX part of the announcement uses the 15 th of August because that is the date written in to the latest agreement as the date that Rex 2 must commence drilling by. The start in July is from Messina saying that Rex 2 preparations are coming along well and he expects the drilling of Rex2 to start in July.
Just my thoughts on the matter, the fifteenth of July would be fun.

There are massacres occurring all around the stock market at the moment. I think I would preferr the next update to come out next week rather than tomorrow. I am looking forward to the new financial year and all the tax loss selling to be over.
I think WBE is going to be viewed in a much more positive light in the new financial year. At current oil prices (up another $US1.55) WBE will be cash flow positive and debt free and a 50%(eventually) owner of 18 oil rich drilling locations.

The same time last year they were burning through money and had 20% share in gas dominant wells and were going head first into a brick wall, there only hope was waiting for Xanadu.

It has occurred to me that having only a 20% stake in the Canadian leases had actually been a godsend for WBE. During the second half of 2018 the gas and oil prices in Alberta collapsed and the industry lost a lot of money.
Being at the right place at the right time, finding oil at Wizard Lake whilst only having to pay 20% of the drilling cost meant they still had money (and ability to raise more) whilst.their partner PLX had debts and were facing financial ruin.

WBE has been able to progress the development of the Rex oil deposit and in the process will eventually up its share to 50% and get the money back that it used in the funding of that development.

A very sweet win/win deal for all parties involved.

Bring on the new financial year.

Great things are happening for WBE.

Saltbus