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Lakes Blue Energy NL ( (AU:LKO) ) has shared an update.
Lakes Blue Energy NL has provided an update on its drilling operations at the Wombat-5 well in the Gippsland Basin, Victoria. The company is addressing mud circulation issues and has successfully recovered a section of the drill-string. A potential solution to the mud circulation problem has been identified, and stress testing is underway. The decision to resume drilling will depend on the review of expert reports and the contractor’s assurances regarding the rig and mud system’s suitability.
More about Lakes Blue Energy NL
Lakes Blue Energy NL operates in the energy sector, focusing on the exploration and development of oil and gas resources. The company is primarily engaged in drilling operations and aims to enhance its market position by advancing its projects in key regions such as the Gippsland Basin in Victoria.
Average Trading Volume: 279,254
Current Market Cap: A$65.89M
Find detailed analytics on LKO stock on TipRanks’ Stock Analysis page.