A.C.N. 004 247 214
Lakes Oil N.L. ASX Announcement And Media Release 21 June 2012 WILDCAT HOLDGATE-1 WELL AT 2270 METRES
Lakes Oil N.L advises that its Holdgate-1 well, in PEP166
on-shore Gippsland Basin, was at a depth of 2270 metres at 8
o'clock this morning and is drilling ahead.
Drilling will proceed to a proposed total depth of 2500
metres, unless basement is intersected earlier.
Holdgate-1 is being funded by Armour Energy Ltd as part of
its program to earn a 51% interest in PEP166.
The objective of this well is to search for oil and gas plays
on the massive Baragwanath Anticline in PEP 166 (part of a
large surface anticline, stretching 60kms long across PEP166
and PRL 2).
Holdgate-1 has two targets; the primary objective is the
Strzelecki Group,
in which LKO encountered "tight gas" in wells drilled so far
in the onshore Gippsland Basin, and the secondary objective
is the Rintouls Creek Sandstone/Tyers Conglomerate, which LKO
believes lies beneath the Strzelecki.
Registered Office: Level14,
500 Collins Street
Melbourne Vic 3000
Ph: +61 3 9629 1566
Robert Annells
Chairman
0416 130 740
Ingrid Campbell
RMIT (Geol.), MPESA, MGSA, AAPG
Chief Geologist
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