Lakes Oil Finds Tight Gas at Holdgate-1 Well in Gippsland Basin

Lakes Oil has said that it has found traces of tight gas at its Holdgate-1 well in the onshore Gippsland Basin and sidewall cores that have been recovered indicate presence of carbonaceous shales which have been sent for laboratory assessment

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.

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.