The shareholders in Australia's oldest listed oil company, Lakes Oil, look to have received the best Christmas present of all after the company released a drilling report outlining a gross hydrocarbon column of 270 metres.
The Wombat-1 well encountered reservoir quality sandstones with significant gas shows in the Golden Beach Group.
Chairman Rob Annells said the company has very happy with the results to date but still had to conduct a full suite of tests to evaluate the find.
Over 82 million Lakes Oil shares have changed hands in the last two trading sessions, pushing the stock to 3.6 cents, its highest point since mid 2001.
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