strengthening oil price put heat among minnows

TP Note - It was very nice to read the Lakes Oil writeup in the below article (see Link) by Garimpeiro & Barry Fitzgerald in 'The Age' this morning. Spud on Wombat 4 is imminent; personally I really thought it would be last Thursday or Friday. Well, in those 63 years it seems that this is the most prospective drill. Good luck to all LKO holders & traders. - Pie (:
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Link to Article: Please Click Here!
Source: www.businessday.com.au/business

Strengthening oil price puts heat among minnows
GARIMPEIRO / BARRY FITZGERALD
October 19, 2009

LAKES OIL The hardiest of our junior oil and gas explorers, Rob Annells' Lakes Oil (ASX: LKO), has drilled more wells than you can poke a stick at in the last 63 years. But it has yet to notch up a commercial discovery.

It is, however, as persistent as ever and is back for another try with the about-to-spud Wombat 4 well in the onshore portion of the Gippsland Basin. The offshore portion of the Gippsland Basin is home to the Bass Strait oil and gas fields and Lakes is intent on proving that the onshore portion also has commercial oil/gas potential.

This well is different from all the rest drilled by Lakes in the region in that it's the first to be drilled with the benefit of three-dimensional seismic data interpretation. That interpretation suggests that Lakes' traditional target in the Strzelecki formation is thicker in the Wombat 4 location and that there is a separate closure in the over-lying Latrobe formation - the formation that is so prolific in the offshore Gippsland Basin.

The drill bit will tell us what all that means at the end of the day. What is known is that with a share price of 1.2¢ and billions of bits of paper on issue, Lakes is a day-trader's dream. Confirmation of the start to drilling at Wombat 4 will be enough to cause a flurry of activity in the stock.


Ends.

Cheers, Pie (: