Lakes Blue Energy Says Victoria Gas Well Operations Focusing on Unloading Drilling Fluid From Well, Shares Fall 8%
MT Newswires Live
Mar 19
Lakes Blue Energy (ASX:LKO) said its operations at the Wombat-5 gas well site in Victoria focused on unloading drilling fluid from the well using nitrogen lifting and undertaking gas in-flow pressure build-up diagnostic testing, according to a Thursday Australian bourse filing.
It concluded that additional operations will be required to establish full gas flow from the wellbore, and it has suspended well flow and clean-up activities at the Wombat 5 site and completed demobilization of contractor equipment.
The firm implemented a perforation program in the completed horizontal reservoir interval to improve gas flow into the wellbore.
Its shares fell 8% in recent trading on Thursday.
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