Over the weekend a second core was cut in the Strzelecki Formation over the interval 1834.8 - 1845.2m while gas shows have continued throughout the Strzelecki Formation section drilled since Drill Stem Test No. 2.
Rather than evaluate these shows in open hole it has been decided to run electric logs then run and cement a 4 ½ inch casing liner. Testing of this zone will then be conducted in cased hole.
There are now at least two zones with gas shows in the section below the 7 inch casing at 1757m which will require to be tested, in addition to the four zones previously scheduled for perforating and testing within the 7 inch and 9 5 /8 inch casing.
Testing will begin at the bottom of the hole in the Strzelecki Formation and move up through the Golden Beach and Latrobe Formations.
Lakes said that given the results to date, the partners planned to drill Wombat-2 immediately following Wombat-1, located two kilometres away.
The Wombat Block is located in PEP 157 with Lakes Oil retaining a 92.5% interest in the Wombat Block subject to a 5% overriding royalty held by Roma Petroleum.
Lakes Oil hit lows of 2.3 cents prior to drilling (15/12/03) and this morning tipped 7.4 cents. Roma Petroleum, reaching lows of 4.4 cents in December, has shot to 11 cents this morning.
