Armour Energy Ltd (AJQ) wishes to provide an update in relation to the Holdgate-1 well in PEP166, located onshore in the Gippsland Basin, Victoria.
Lakes Oil NL (LKO), as operator, advises that Holdgate-1 is at a depth of 160 metres. Current operation is drilling ahead.
The objective of this well is to search for oil and gas plays on the massive Baragwanath Anticline in PEP166 (part of a large surface anticline stretching 60km long across PEP166 and PRL 2).
Holdgate-1 has two targets; the primary objective is the Strzelecki Group, in which Lakes Oil encountered 'tight gas' in wells drilled so far in the onshore Gippsland Basin, and the secondary objective is the Rintouls Creek Sandstone/Tyers Conglomerate, which Lakes Oil believes lies beneath the Strzelecki.
The Rintouls Creek Sandstone/Tyers Conglomerate was encountered when Lakes Oil drilled Yallourn North-1A 12 months ago. This well was the first well ever drilled through a condensed section to basement in the Gippsland Basin. Oil shows were encountered in cores cut in this well. This oil bearing section may thicken to the south and may also be present in Holdgate-1. Holdgate-1 is approximately 28km south east of Yallourn North-1A.
At Holdgate-1, Lakes Oil and Armour Energy have the added advantage of drilling a large surface anticline which could provide a potential trap for liquid hydrocarbons.
Armour Energy is funding this well as part of its program to earn a 51% interest in Lakes Oil's PEP166.
Recommended Reading
Report: FTC Probes Hess, Diamondback, Oxy Over OPEC Communications
2024-07-19 - Investigators are looking for evidence that executives at Hess Corp., Diamonddack Energy or Occidental Petroleum attempted to collude with OPEC officials on oil market dynamics, according to a Bloomberg report.
What a Trump Win Would Mean for Oil Prices and Stocks
2024-08-23 - A second Trump administration might move the price needle on oil slightly, but OPEC would retain the upper hand in any outcome.
What's Affecting Oil Prices This Week? (Sept. 9, 2024)
2024-09-09 - Within the context of lower oil prices and disappointing economic data, members of OPEC+ have decided to delay the unwinding of voluntary cuts, which were expected at the end of September.Â
FTC Bars Hess CEO From Chevron Board Seat as Condition of Deal, Say Sources
2024-09-26 - U.S. antitrust regulators will bar Hess Corp. CEO John Hess from taking a board seat as a condition of its go-ahead of oil producer Chevron Corp.'s $53 billion purchase of Hess.
OPEC+ Brings Oil Overproduction Under Heel—Rystad
2024-07-15 - After years of noncompliance and underreporting of actual crude production, many OPEC+ members are voluntarily reducing output beyond set goals, according to analysis by Rystad Energy.