wombat 4 progress report ..., page-11

hi farmerblue

I wish it was funny but really it isn't.

I have had a wander down memory lane and its a bit of a
repeating theme for these guys - "oil discovery onshore gippsland".

Below is one announcement in full, but also there was talk of an oil discovery on Wombat 1 which got Annels air time on the ABC. I cant copy and paste those as they are scanned images inside a PDF document. see link

http://www.asx.com.au/asxpdf/20040430/pdf/3lfnztplv5ynp.pdf

Surface Oil Occurrence - Gippsland Basin
Document date: Wed 09 Feb 2000
Published: Wed 09 Feb 2000 10:05:44
Document No: 158130
Document part: A
Market Flag: Y
Classification: Progress Report

LAKES OIL NL 2000-02-09 ASX-SIGNAL-G

HOMEX - Melbourne

+++++++++++++++++++++++++
Lakes Oil NL ("Lakes Oil") wishes to announce that it has recently
discovered the presence of an apparent surface oil occurrence located
within its onshore Gippsland Basin permit PEP 137.

The discovery was made as a result of an analysis undertaken by the
Company of recent radiometrics flown by the Australian Government
Geological Survey (AGSO) in October of last year. Lakes Oil's
consultant for the interpretation of the survey data (Pitt Resources
of Adelaide) identified the presence of a large radiometric anomaly
located to the west of Lake Wellington, and east of the town of
Longford. Follow up field sampling has confirmed the presence of the
anomaly.

Analysis of a surface sample taken during the field survey has
yielded a significant oil content of 0.995%. The oil is biodegraded,
as expected for samples taken at surface. The anomaly is spread over
an area in excess of one kilometre in diameter, and is associated
with the surface expression of a major fault.

Further sampling is currently being undertaken in order to confirm
the extent of the anomaly, and to eliminate the unlikely possibility
of contamination. The current seismic coverage is inadequate to
determine whether or not there is a valid trap associated with this
anomaly. The possibility of acquiring further seismic is being
investigated, in view of the fact that Lakes Oil currently has a
seismic crew operating in the immediate area.

J Mulready
B.Sc. B.A. (Melb) Fell. Dip. Mngmt (RMIT), MGSA, MPESA,
Certified AAPG Geologist No. 5321
TECHNICAL CONSULTANT