Lakes Oil Spuds Gippsland Basin well

Lakes Oil has spudded its new exploration well, Holdgate-1, in the Gippsland Basin, offshore Victoria. The well will look for tight gas play as well as oil.

Holdgate-1 will also assess the oil potential of the lower Strzelecki Group / Rintouls Sandstone that had shown signs of oil in cores cut from the Yallourn North‐1A.

Lakes added that Holdgate-1 has added advantage of drilling a large surface anticline which could provide a potential trap for liquid hydrocarbons.

Armour Energy is paying for drilling of Holdgate-1.