L&M Petroleum drills second well this year

L&M Petroleum, dual-listed on the ASX and NZSX, is planning aggressive exploration in its four onshore and one offshore permits in the basin.

The company said today it would drill the Sharpridge Creek-2 well to 459 metres, with a best case scenario of finding 1.5 million barrels of oil. It drilled the nearby Sharpridge Creek-1 well last year.

L&M, which raised $22 million in an initial public offering last year, is also drilling the Eastern Bush-1 well.

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