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post Posted: Apr 13 2012, 10:54 PM
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Lakes Oil (ASX: LKO) and Armour Energy expect to next week spud the Moreys-1 gas exploration well in the onshore Otway Basin that could result in early cash flow if successful.

The Moreys prospect is a tilted fault block that straddles the border between Lakes' PEP 169 and Somerton Energy's PEP 168 along a known west northwest trending hydrocarbon fairway.

It targets the Late Cretaceous Waarre C sands with secondary targets in the overlying Flaxman formation and underlying Eumeralla Formation.

The rig, which is already on site, is expected to spud Moreys-1 on April 18.

It will take about 10 days to drill the well to its planned total depth of about 2000 metres.

Nearby fields are located both to the east and west while an existing gas pipeline is less than 1 kilometre away.

Lakes added that Moreys appears similar to the McIntee, Fenton Creek and Mylor fields operated by Origin Energy (ASX:ORG).

Armour, which is currently in the middle of its initial public offering to raise up to A$75 million, is funding the cost of the well to A$2.5 million to earn its 50% stake in PEP 169.


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