Whitebark said the well had been successfully drilled to 3,033 metres on schedule and within budget.
Initial indications showed a good quality reservoir with excellent oil shows and higher porosity than the Rex-1 discovery well drilled last year.
According to the JV the well intersected a "virtually continuous reservoir section" from the casing show at 1,572m to total depth at 3,033m.
Free oil was evident on the shakers throughout drilling of the section accompanies by oil shows and elevated gas readings.
The Aussie junior holds a 30% stake in the field and Point Loma owns the remaining 70%.
Whitebark managing director David Messina said he was "very pleased with another successful well" in the Rex play at the Wizard Lake oilfield.
"We had an excellent result from Rex-1, and the improved reservoir quality and oil encountered during drilling of Rex-2 gives us enormous confidence in our future program," he said.
Contractor Precision Drilling is currently conditioning the hole in preparation for a 35-stage fraccing program.
Fraccing will begin within the coming week and use sliding frac sleeves to isolate each zone and focus energy to ensure maximum penetration.
This will be completed within a fortnight and will be followed by clean-up operations before the well is brought online for testing.
Rex-1 spud in November and after a 27-stage frac process began clean-up in late December.
The total amount of oil produced from its 16-day flow test reached 2,846 barrels, a 55% increase on initial estimates.
Oil production from the well in June reached 4,280 barrels of oil, according to Point Loma.
Last month Point Loma announced it was looking to farmout its position in the Wizard Lake oil field, appointing Mackie Research Capital Corp to market the company's interest.
The company said it would use capital from the divestment to advance additional oil opportunities in its portfolio.