LAKES BLUE ENERGY NL 
By LAKES OIL N.L.
A.C.N. 004 247 214
Lakes Oil N.L. ASX Announcement And Media Release 13 July 2012Registered Office: Level14,
500 Collins Street
Melbourne Vic 3000
Ph: +61 3 9629 1566
WILDCAT HOLDGATE-1 UPDATE
The drilling of the well was completed after reaching a total
depth of 2752 metres on 2nd July 2012.
The logging program was run from 2280m up to the casing shoe
at 427m with the Vertical Seismic Profile (VSP), SuperCombo
(HALS-PEX), Formation Micro-Imager/Sonic Scanner (FMI/SS) and
Mechanical Sidewall Coring Tool (MSCT) all being run across
this interval with the Gamma Ray (GR) being run to
surface.
The well has been plugged and the rig has now been
released.
The top of the Strzelecki Group was encountered at 126mKB and
consisted of thick, interbedded felspathic sandstones,
claystones, shales and minor coals.
During drilling, continuous C1- C3 background gas readings
(up to C5 across some intervals) were noted across large
intervals within the Strzelecki Group, typical of a tight gas
well.
On several occasions, a weak dull yellow bulk crush was noted
in recovered cuttings.
Sidewall cores recovered have indicated the presence of
carbonaceous shales which have been sent for laboratory
assessment.
A full assessment will now be made of the well relating to
its potential for future tight gas development.
Holdgate-1 was funded by Armour Energy Ltd as part of its
program to earn a 51% interest in PEP166.
Chairman
0416 130 740 Ingrid Campbell RMIT (Geol.), MPESA, MGSA, AAPGChief Geologist
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