LAKES Oil has extended its onshore acreage into the Northern Territory with the announcement it has bought a private petroleum company with the exploration rights to one permit in the jurisdiction.
The acquisition will see Lakes acquire Poolowanna Petroleum P/L, whose only asset is EP 142, in exchange for about 25 million of its shares.
Several wells have been drilled on the permit, two of which – Poeppel’s Corner-1 and Thomas-1 – had oil shows.
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