"LAKES OIL N.L. LKO, BEACH READY TO EXPLOIT “TIGHT” GAS ONSHORE GIPPSLAND
Lakes Oil N.L. (LKO) and Beach Energy Limited (Beach) have signed a unconditional $50 million agreement to further test the gas potential of the onshore Gippsland Basin, in Eastern Victoria. The signing follows an earlier conditional arrangement announced on 14th April where Beach can earn up to a 50 per cent interest in the Petroleum Retention Lease 2 (PRL2) which contains the Wombat and Trifon tight gas fields, (see map) near Sale by spending $50 million.
Beach’s financial commitment is based on matching LKO’s expenditure in PRL2 to date estimated at $50 million.
The contract between the two companies follows due diligence and is subject to regulatory approval from the Victorian State Government. "
What happened here, with this last sentence, ... if they applied for regulatory approval from the Vic. State Govt in 2010 ? Was approval given then, but then reneged on by O'Brien's Dept ?
These 2 wells, Wombat 4 and Boundary Creek, had already been drilled and cased ready for fraccing by Lakes Oil (Beach).
Interesting.
RAVI
LKO Price at posting:
0.2¢ Sentiment: None Disclosure: Held
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