EL 5333
EL 5334

Central Gippsland

background

Lakes Oil, through its 100% owned subsidiary Commonwealth Mining has been granted an exploration lease (EL 5333) for brown coal – coinciding with its petroleum lease PRL2.

The company says "based on previous drilling reports an independent report has been prepared which shows that this lease has the potential for a significant quantity of high quality brown coal".

The company also applied for a second lease (5334) which was granted in March 2012.

The company says that this is the first time an oil company has owned both a coal resource and natural gas resource in Victoria. "This opens the opportunity for co-generation of power with significantly reduced emissions. Preliminary discussions are already underway with interested parties looking at how we may develop these unique assets".

Details

EL 5333
located south west of Sale
Granted 7 April 2011, expires 2016
Covers private land and road and road reserves
Resources: coal bed methane (CBM/ CSG) and coal

EL 5334
located south of Rosedale, on the Rosedale Anticline
Granted March 26, 2012, expires 2017
Wellington Shire
Covers Crown and private land, road and road reserves
Resources: coal bed methane (CBM/ CSG) and coal