Whitebark Energy Ltd’s (ASX:WBE) joint venture partner in the Wizard Lake Oil Project, Point Loma Resources Ltd (CVE:PLX) has confirmed the sale of 97.5% of its ~40% working interest in the Wizard Lake Oilfield assets for an amount of C$2.9 million.
The sale is to Point Loma’s secured debenture holders and a secured creditor in exchange for cancellation of all the outstanding secured debentures and amounts owed to the secured creditor.
Right of first refusal
Whitebark has a 30-day period closing on 21 May 2020 to exercise a right of first refusal with respect to the working interest being sold by Point Loma should it choose to do so.
Whitebark will consider the exercise of its right of first refusal over the period.