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Lakes Oil drilling ahead at Otway Basin well after test tool
Published in:2013-03-27 10:41

Lakes Oil (ASX: LKO) is pressing ahead with its Moreys-1 well in the onshore Otway Basin, Victoria, after failing to complete drill stem testing of an interval.

The company said further evaluation, which could include retesting, of the interval from 1987 to 2005 metres will take place after logs are run.

The testing tool became blocked, preventing the test from being completed.

Moreys-1 targets a tilted fault block that straddles the border between Lakes' PEP 169 and Somerton Energy's PEP 168 along a known west northwest trending hydrocarbon fairway.

The primary objectives are the Late Cretaceous Waarre C sands with secondary targets in the overlying Flaxman formation and underlying Eumeralla Formation. 

Lakes had previously said that variable levels of background gas were noted in the Warre B and C sands though no significant readings were encountered.

Armour Energy (ASX: AJQ) is funding the cost of the well to A$2.5 million to earn its 50% stake in PEP 169.