The Victorian Projects are currently the subject of a moratorium on conventional onshore gas exploration and development and accordingly it is not expected that there will be any significant activity on these projects in the near term.
Onshore Otway and Gippsland Basins
To complement Armour Energy's prospective areas in Northern Australia, the Company made a strategic investment in ASX listed Lakes Oil NL, an oil and gas explorer focused on the Otway and Gippsland Basins in Victoria, and entered an agreement to earn a 51% interest in two tenements (PEP166 and PEP169) held by Lakes Oil and a third option to acquire 50% of Lakes Oil's interest in a third tenement (PRL12).
- Production to date of over 90 BCF within 20km of Moreys 1 well.
- 23 Gas Discoveries in the area since 1979: 14 commercial fields (OGIP>5BCF).
Results to date
- Otway and Gippsland Basins highly prospective
- AJQ : 51% in PEP169 and 25% in PEP166 (Otway)
- Farm-in rights to PRL2 (Gippsland)
- Substantial shareholder in Lakes Oil
- Conventional and unconventional plays
- Stacked play opportunities
- Near existing infrastructure and major gas users
- Pursue commercial monetisation opportunities