Armour Energy Ltd (AJQ) wishes to provide an update in relation to the Holdgate-1 well in PEP166, located onshore in the Gippsland Basin, Victoria.

Lakes Oil NL (LKO), as operator, advises that Holdgate-1 was at a depth of 429 metres at 8 o'clock this morning.

The current operation is to run casing to the setting depth at 427 metres and then cement the casing to surface.

The objective of this well is to search for oil and gas plays on the massive Baragwanath Anticline in PEP166 (part of a large surface anticline stretching 60km long across PEP166 and PRL 2).

Tags: Armour Energy Ltd