Lakes raises cash for Wombat studies

LAKES Oil said this morning it would be raising $3 million to find the studies and fraccing of its Wombat and Trifon tight gas discoveries in the onshore Gippsland basin, Victoria.

Lakes will issue 140 million shares at 2.2c to raise funds for the tight gas pre-feasibility study to be prepared by Landmark Consulting, as well as fracturing three zones in the Wombat-3 well, fracturing the Trifon-2 well, a regional geological Strzelecki appraisal study and working capital.

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