Lakes Oil Bags 2 Offshore Exploration Permits in Gippsland Basin

Lakes Oil NL, an Australian oil and gas exploration firm, announced Tuesday that it has been awarded two new permits in the offshore Gippsland Basin, Victoria, Australia, for exploration over the next six years, Chairman Robert J. Annells said in an press release.

The company said the two new exploration permits are VIC/P43 and VIC/P44.

Lakes Oil also holds permits in the onshore Gippsland Basin, including PEP 166, PRL 3 and PRL 2 -- where it has a 100 percent interest in the overall permit except for the Trifon and Gangell blocks where the firm has a 57.5 percent interest.

In early August, Lakes Oil revealed that it was in the process of acquiring two permits in Queensland -- ATP 642P and ATP 662P -- in the Cooper/Eromanga Basuin. The move was aimed at broadening the company's exposure from being totally dependent on Victorian petroleum exploratiopn and development.

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