“Hazelwood-1 presented us with a new picture of the Strzelecki Group, which we have not seen before in any of our permits,” Lakes chairman Robert Annells said.
Over the next few days, a comprehensive logging program will undertaken to assess the results, before Lakes decides whether to move the rig to the next wellsite, Boola Boola-1.
Hazelwood-1 is part of a two-well program in PEP 166 targeting tight gas in the Strzelecki Group and possible oil at the base of the section in the Rintouls Creek Sandstone.
“To date, the wells drilled into the Strzelecki Group in this permit have encountered tight gas and it appears that there are a number of stacked source, reservoir and seal sequences throughout the stratigraphic column,” Annells said.
Lakes currently holds a 50% stake in PEP 166, but is earning an additional 25% interest by 100% funding of the drilling of the Hazelwood-1 and the Boola Boola-2 wells. Partner AusAm Resources will then hold the remaining 25% interest.
