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Lakes added that this will be the first time fracture stimulation has been attempted in the Strzelecki Formation, which is gas bearing over a large area of the onshore and offshore Gippsland Basin.
The Trifon Tight Gas Project is funded by Jarden Corporation Australia to the extent that the first $5 million of expenditure contributed by them will earn a 50% interest in a defined area which covers both the Trifon and Gangell structures and includes the North Seaspray-3 well.
Both wells are located in PEP 157 which holds an overriding royalty of 5% of the wellhead value of any hydrocarbon production payable to Roma Petroleum.
