Ann: Wizard Lake Rex-1 Update, page-18

Well! Not much happened this week. I guess the last update was to say that the high rainfall had impacted on the Wizard Lake oil production.

I sent an email off to WBE to ask what will the cost be to produce the oil at Rex - and how was the weather impacting production.

I got a reply that the weather has improved but it wasn’t said wether they were back to full production (whatever that is).
The cost of production last month was CA$30 which means the after cost income would also be about CA$30 a barrel of oil.

Also mentioned in the email (but not solicited) was that there will be news soon re Rex 2.

There was no clue what the news could be about, I presume the only likely news we are interested in is when the drilling will start.

We are well into July and if the weather has improved it would be prudent to get the rig on site as soon as possible.

Pity about the Friday momentum in buying faded out this week.

Cheers

Saltbus