Lakes Blue Energy (ASX: LKO) has announced the completion of drilling operations at the Wombat-5, side-track-2 (ST-2) well in the Gippsland Basin, Victoria. Lakes Blue Energy is focused on the exploration and development of gas resources. The company aims to supply gas to the eastern Australian market.
As of 8:00 am AEST today, the well has reached a total depth of 3,052 metres (mRTMD) or 1,421 metres (mRT TVD), with a horizontal length of 1,500 metres. The 4-1/2” swellable packer completion has been successfully positioned at 2,438 mRT MD, securing the well for upcoming testing of gas shows encountered during drilling. A slickline suspension plug has been temporarily positioned to allow for the safe removal of the blow out preventer and installation of wellhead equipment.
Wellhead installation is scheduled to be completed later today, after which the drilling rig will be demobilised from the site. The site will then be secured in anticipation of the arrival of a workover unit and gas flow test package, which is scheduled for 10 November.
Roland Sleeman, Chair of Lakes Blue Energy, stated that the completion of Wombat-5 is a significant milestone. The next step is gas flow testing to demonstrate the commercial viability of the Wombat Field, which, if successful, will pave the way for resource certification and position Lakes Blue Energy as a major gas supplier to Victoria. This announcement was authorised by the Board of Lakes Blue Energy.
