Project Profile
Location: onshore the Australian state of Victoria
Start-up Year: -
Armour Energy entered in agreement with Lakes Oil to earn a 51% interest in PEP 166. Under the agreement, Armour must spend US$4.14 million to drill the Holdgate-1 well and Yallourn Power 1 core hole, located near Yallourn North 1A. Secondly, the company could spend a further US$4.75 million to drill an additional open hole well complete with any necessary fracture stimulation within 12 months of contract. If Armour Energy does not proceed with Phase 2 its interest will be capped at 25%.
Operators:
Lakes Oil: Operator with 75% interest
Armour Energy: 25% interest (capped)