Forum Archive Index - February 2000

[Glen Whiteman <quality.res.ltd@xtra.co.nz>]

Hi Derek
Just noticed your purchase of LKO. LKO announced a find of `surface oil'
today, 9/2/00. Here is the announcement - can you or anyone explain the
details of this announcement in more simple terms :-
 ie. have they found 1 billion barrels or not.


LAKES OIL NL                                  2000-02-09  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

+++++++++++++++++++++++++
Lakes Oil NL ("Lakes Oil") wishes to announce that it has recently
discovered the presence of an apparent surface oil occurrence located
within its onshore Gippsland Basin permit PEP 137. 

The discovery was made as a result of an analysis undertaken by the 
Company of recent radiometrics flown by the Australian Government 
Geological Survey (AGSO) in October of last year. Lakes Oil's 
consultant for the interpretation of the survey data (Pitt Resources 
of Adelaide) identified the presence of a large radiometric anomaly 
located to the west of Lake Wellington, and east of the town of 
Longford. Follow up field sampling has confirmed the presence of the 
anomaly. 

Analysis of a surface sample taken during the field survey  has 
yielded a significant oil content of 0.995%. The oil is biodegraded, 
as expected for samples taken at surface. The anomaly is spread over 
an area in excess of one kilometre in diameter, and is associated 
with the surface expression of a major fault. 

Further sampling is currently being undertaken in order to confirm 
the extent of the anomaly, and to eliminate the unlikely possibility 
of contamination. The current seismic coverage is inadequate to 
determine whether or not there is a valid trap associated with this 
anomaly. The possibility of acquiring further seismic is being 
investigated, in view of the fact that Lakes Oil currently has a 
seismic crew operating in the immediate area.

J Mulready
B.Sc. B.A. (Melb) Fell. Dip. Mngmt (RMIT), MGSA, MPESA, 
Certified AAPG Geologist No. 5321 
TECHNICAL CONSULTANT 




Derek wrote:
> 
> By looking on end of the trading day dumping is the name of that what
> happened with AQL. I think more to came tomorrow. I'm happy I dumped it
> few days ago at 19.9c.
> Yesterday good buy of LKO at 6.6c on NZSE. Wish to get more at that
> price. Looking today on ASX and havy trading there, I have to be happy
> with that I had got.
> 
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