Lakes Oil Ready to Drill Onshore Victoria

Sydney-listed Lakes Oil February 7 said it is ready to drill for natural gas in Victoria once the moratorium on conventional onshore petroleum exploration expires on June 30.

Lakes Oil said it has several projects ready for quick implementation including the Wombat gas field, a contingent gas resource that has been independently certified to exist. “Lakes Oil has prospects ready for drilling, including the conventional Wombat-5 well,” it said. “Together with the adjacent Trifon/Gangell gas field, the Wombat project has potential to supply 10% of Victorian gas demand.”

The present Victorian onshore petroleum exploration moratorium was put in place through legislation passed by Victorian parliament in 2017. In accordance with that legislation, the moratorium will expire June-end and conventional petroleum exploration activity will be allowed to resume.

“The company is encouraged by the Australian government’s promotion of the need for southeastern Australia’s onshore gas resources to be utilised to support industry and to assist with the country’s transition to renewable energy,” the company said.