wombat 4 progress report ..., page-7

Note the dates and mention of "new" technology to get out tight gas

and this LOL! (smell a cap raising here)

"EXCITING PHASE AND WILL LIFT OUR TEMPO IN COMING MONTHS"

LAKES OIL NL 2001-04-03 ASX-SIGNAL-G

HOMEX - Melbourne

+++++++++++++++++++++++++
WE ARE AT AN EXCITING PHASE AND WILL LIFT OUR TEMPO IN COMING MONTHS
BY:

* A farm-in and possible cash flow from Lakes' exciting re-entry well
at the Eagle Oil discovery in California, USA, in April-May.

* We are investigating a flotation of a new company to finance Lakes'
share in the TROAS WELL in the Otway Basin, South Australia, where
drilling found inferred gas in place of up to 600 billion cubic feet
in 1992. Drilling is planned early in 2002.

* Drilling the Macnamara Park No 1 well, South Australia, with
Origin Energy in May (PEL 72).

* Introducing new technology which may stimulate gas discoveries in
our recent drilling onshore in the Gippsland Basin, Victoria.

* Planning to drill further targets later this year, "Gilbert" and
"York" onshore in the Gippsland Basin, Victoria.

HIGHLIGHTS OF THE YEAR TO DATE AND FUTURE EVENTS

Lakes Oil NL ("Lakes") began the year by completing the drilling of
the Trifon No 1 and the Gangell No 1 wells. Both these wells and
North Seaspray No 3 (drilled May/June 2000) flowed gas to surface.
Although none of these wells yielded a commercial flow rate, the
extent of the gas at depth, points to an active petroleum system with
significant implications for future exploration within the onshore
Gippsland Basin. We are confident that hydrocarbons have either
migrated onshore or are being sourced deep in the Strzelecki section.
We are actively seeking a trap which may have better reservoir sands
than the three already drilled.