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Lakes Blue Energy NL ( (AU:LKO) ) just unveiled an update.
Lakes Blue Energy NL has announced that its Wombat-5 well in the Gippsland Basin has reached a total depth of 3,052 meters, with a significant 1,500 meters of horizontal drilling through a gas-saturated interval. However, during operations, the drill pipe became jammed, leaving part of the Bottom Hole Assembly in the well, which poses a delay and complication. The management is evaluating strategies to address this issue, indicating that multiple options are available to minimize its impact.
More about Lakes Blue Energy NL
Lakes Blue Energy NL operates in the energy sector, focusing on the exploration and development of gas resources. The company is engaged in drilling operations, particularly in the Gippsland Basin, Victoria, aiming to tap into gas reserves within the Strzelecki Formation.
Average Trading Volume: 262,004
Current Market Cap: A$94.03M
For an in-depth examination of LKO stock, go to TipRanks’ Overview page.