crayfish equivalent target? Extracted this from LKO report....

crayfish equivalent target? Extracted this from LKO report. Makes reference to this bloody crayfish. Also mentions gas. What type I do not know. It seems that this is what the drill is all about though and clearly what the markets waiting for. Markets not all that excited about CSG at present. So one way or another we'll find out what this crayfish is all about,and it should be only a few days away now given that the drill is past 1500m on its way to 2000m

Must admit I hate flying blind like this, but it was a strong reliabe tip I was given. Couple that with minimal shares on issue, truck loads of them in escrow until June 2006, an oil play Off shore North West Aust. and an independant report giving them a NPV of $1.35 then its probably worth the risk.

If you know whats going on here I'd be happy to listen.


cheers, stainless.

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Lakes Oil NL has commenced environmental studies in preparation for drilling the Troas No 2 well in the Otway Basin 20 miles offshore near Robe, South Australia. Lakes currently holds 100% of EPP24 located in the Otway Basin offshore Robe, South Australia. A consortium including Lakes and operated by BHP drilled a well "Troas No 1" in 1992. The well encountered a series of thin gas bearing fluvial sandstones within the Crayfish group. The well was not tested, but gas in place was subsequently estimated at up to 600 bcf in place. Later work by the then joint venture showed the well did not penetrate the target reservoir (Pretty Hill Formation) and was in fact only in the Lara Formation at the top of the Pretty Hill Formation. Lakes plans to test the lower target. Lakes has recently reworked the seismic over the Troas feature and its consultants have come up with the potential to recover in excess of 400 bcf in the lower undrilled section of the Pretty Hill and an additional 500 bcf in the Northern adjoining structure should gas be present.