Lakes Oil has agreed to acquire Bass Strait Oil’s PEP 167 and PEP 175 oil and gas exploration permits in the onshore Otway Basin in Victoria, Australia.
The company believes that new technology will enable it to recover commercial quantities of oil and gas from targets that were earlier considered uneconomic.
However, Lakes Oil must wait for the government to lift a ban on onshore drilling before it can start any exploration work.
The PEP 167 permit contains two play types, the Casterton unconventional play and the Waarre conventional gas play.
The PEP 175, located to the east of PEP 150 and north of PEP 167, was awarded to Bass Strait in April 2013 following the resolution of Native Title issues. The area covers parts of the Tyrendarra Embayment, the Koroit Trough, the Morenda Trough and the Killara Trough, all of which contain prospective late Jurassic to early Cretaceous sedimentation.
The area is interpreted to hold both conventional and unconventional resource trends, but primarily addresses the Casterton unconventional play.
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By GlobalDataLakes Oil said that the permits are well placed with respect to existing pipelines and infrastructure as there is a significant demand for onshore gas in Victoria.
