Lakes Oil N.L. : Holdgate-1 Update
LAKES OIL N.L.
06/21/2012| 10:28pm US/Eastern
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
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
0416 130 740
RMIT (Geol.), MPESA, MGSA, AAPG