Lakes Oil has been encouraged by the Australian Government movement to promote development of southwestern Australian onshore gas resources.
The company has been promoting petroleum exploration in order to ensure shareholders are fully informed and are willing to support the industry as it transitions to a renewable energy future.
Victoria’s current onshore petroleum exploration moratorium was put in place through legislation passed by the Victorian Parliament in 2017.
The moratorium is set to expire at the end of June this year. As a result, conventional petroleum exploration activity will be allowed to resume.
Lakes Oil has several projects ready for drilling, including the Wombat Gasfield, which is within the PRL2 onshore in the Gippsland area and is the company’s most retrogressed development.
The company is targeting the Strzelecki formation through the Wombat project so it can produce gas at a conventional means.
Wombat’s resource potential has been assessed by Gafney Cline and Associates (GCA), and estimates that the gasfield contains a contingent recoverable gas resource of 329 Bscf at 50 per probability.
GCA also estimated that the Trifon and Gangell gas fields have further potential of around 280 Bscf. As a result, with the Trifon/Gangell gas field and the Wombat project, the company has potential to supply 10 per cent of Victorian gas demand.