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A small rig that drilled the “top-hole” or first 500m of Hazelwood-1 last month will also undertake similar work at Lakes’ proposed Boola Boola-1, Alberton-1 and Napier High-1 wells.
Lakes expects the Century rig will tomorrow continue drilling Hazelwood-1 down to a total depth of 2500m, targeting the Strzelecki Formation present on the Hazelwood Dome for tight gas.
In addition, the well will be drilled below this formation into the Rintouls Sandstone, which the company believes is a potential oil target.
Lakes expects its $US30 million ($A37 million) farm-out to PetroHunter Energy will be finalised in the first half of next month.
Under the deal, the US company would earn a 67% interest in all of Lakes’ exploration permit.
