LAKES Oil has spudded Echidna High-1 in PEP 157, onshore Gippsland Basin, Victoria.
The well is programmed to be drilled to 1500 metres.
The major objective is the Strzelecki Formation expected at 920 metres, which contained gas in the Wombat wells. But the Latrobe Formation, expected at 475 metres, has proved to be commercial offshore and remains a potential secondary target.
An overriding royalty of 5% of the wellhead value of any hydrocarbon production is payable to Roma Petroleum NL a former permit holder.
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