THE proposed conventional gas drilling project near Nangwarry could potentially have a value of more than $450m, according to new figures released yesterday.
The figure was announced as the Lakes Oil NL takeover offer of Rawson Oil and Gas Limited closed earlier this week.
Lakes Oil will now work closely with Rawson in planning for, funding and managing the near-term drilling of the Nangwarry-1 well.
The news comes as the Limestone Coast Protection Alliance questions why the fracking moratorium is yet to gain passage through the State Parliament’s Legislative Council.
The proactive environmental group also warned petroleum companies were trying to gain a “foothold” in the region to expand drilling operations.
In a statement to the Australian Stock Exchange, Lakes