The Holdgate-1 well will be wholly funded by Armour under an agreement that will see it earn a 51% interest in the licence, near the Victorian town of Moe.
The well will reach a depth of 2500 metres, testing gas seen in the Strzelecki section of other wells drilled in the region.
The well will also assess the potential for oil in the lower Strzelecki Group / Rintouls Sandstone which was found in Lakes’ recent strategic core-hole Yallourn North 1A.
Under
