Today, shares of Lakes Oil NL [ASX:LKO] increased by 50% after its Victorian exploration activities turned over many promising discoveries throughout 2017 and early 2018.
Commercial gas and hydrocarbons were located throughout its sites, which contributed to the development of Lakes’ Portland Energy Project.
The Portland Energy project is purposed to design a conventional gas production.
Lakes Oil has described it as a focus project, its main purpose being to increase the rate of productivity.
New discoveries across its Queensland and Victorian projects
The Roma Shelf Project is located in Queensland, and Lakes Oil has 100% interest in it.
During the year, Lakes discovered that it was highly prospective for oil and gas discoveries, while still being close to its established facilities.
This acts as a huge convenience to Lakes, the company’s previously developed areas are surrounded by an oil field.
Since acquiring the project, Lakes has undertaken reviews of potential prospects, which are located within the area.
Many of these opportunities have been assessed, so Lakes can approach the manner efficiently.
On Lakes’ activities report it stated:
‘Given the proximity of ATP 1183 to existing oil and gas production infrastructure, any discoveries within the permit area can be brought on line quickly to provide cashflow to support ongoing Company operations.’
Lakes currently has four key drilling prospects that they are focusing on: Major East Lead, Bendee Prospect, Emu Apple North, and Wellesley Dome.
Lakes Oil has 100% interest in all of these projects, and all of the projects have prospective gas resources which continue to bring in new value for the company.
For Money Morning
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