The Banjo-1A well has been suspended until electric logging equipment arrives later this week, Lakes said.
Following the completion of electric logging, the well will be plugged and a full evaluation of the core will be made to assess the regional geology of the area.
Last month, Lakes announced the original Banjo-1 exploration well had been abandoned after the well started losing circulation at a depth of about 70 metres.
Banjo-1 was originally scheduled for drilling a year ago, but rig and crew problems repeatedly caused rescheduling of spudding dates until early December.
Banjo-1 was designed to test oil migration and trapping in a newly identified sub-basin and anticlinal structure. The Banjo-1A stratigraphic core hole was drilled to provide stratigraphic and reservoir information regarding the Cunninghame Greensand and the underlying Colquhoun Gravel at this location if they are present, according to operator Lakes Oil.
Under a farm-in agreement, Gippsland Offshore Petroleum Limited will contribute up to $400,000 for a two-well program in the Marlo Block in PEP 155 and has now earned a 51% interest.
Lakes Oil, as operator, has a 46% interest, while Rilo Exploration holds 3%.
Meanwhile in the US, Lakes Oil says the Eagle North-1 well in the San Joaquin Basin, California, reached a depth of 11,111 foot (3386.6m) on Sunday. The well is expected to reach a total target depth of 13,600 feet (4145.3m) tomorrow, Lakes said.
Eagle North-1 is an up-dip appraisal well on the Eagle Oil Pool stratigraphic trap discovered in 1986 by the Mary Bellocchi-1 well which targeted a small structural culmination on an unrecognised, extensive stratigraphic trap, Sun said.
The indicated potential recoverable reserves for the Eagle Oil Pool range from a mean of 13.5 million barrels of oil with 25 billion cubic feet of gas to the P10 case of 34 million barrels of oil with 58 billion cubic feet of gas.
Eagle Oil Pool Development Project and Eagle North-1 partners are: Empyrean Energy PLC (38.5%), Victoria Petroleum NL (operator and 20%), First Australian Resources NL (15%), Lakes Oil NL (15%), Sun Resources NL (10%) and US private interests (1.5%).
