EXPLORATION ACTIVITES OTWAY BASIN
PEPs 163, 167 and 175, Otway Basin (Lakes Oil: Operator, 100% interest)
PEP169, Otway Basin (Lakes Oil: Operator, 49% interest)
While there has been no new exploration activity within Victoria during the Government's moratorium on onshore exploration, Lakes Oil has a number of highly prospective drilling opportunities ready to progress if the onshore exploration ban is lifted.
o The Otway-1 well, a conventional vertical well within PEP169, is proposed to target the Waarre Sandstone and the underlying Eumarella Formation, both of which have flowed gas at commercial rates at nearby locations; and
o Two conventional wells are proposed within PEP175 to demonstrate the potential for production of gas from the Eumarella Formation as a basis for the company’s proposed Portland Energy Project. This project has potential to fundamentally and positively change Victoria’s gas supply position.
Subject to funding, drilling of these wells will be expedited when the Victorian Government’s onshore conventional exploration ban is lifted.