Portland Energy Project

Petroleum Exploration Permits 167 & 175
SW Victoria | 100% owned

Lakes Blue Energy holds 100% ownership of exploration permits PEP 169 and PEP 175 in southwest Victoria. These permits were acquired in September 2014 and collectively form the basis of the Company’s Portland Energy Project. The project is focused on a defined area in the southwestern corner of PEP 175, located north of Port Fairy, where historical seismic and drilling data has identified significant conventional gas potential within the Eumeralla Formation.

Extensive historic drilling across the region has confirmed the presence of natural gas within the thick Eumeralla Formation. While gas was encountered in all wells that penetrated the target, historical exploration was focused on oil, and testing of gas deliverability was not undertaken. At that time, there was no pipeline infrastructure or local market to support gas development. These conditions have now changed significantly. Gas infrastructure is in place, and the eastern Australian gas market is facing well-documented supply constraints and elevated prices.

Lakes has commissioned independent assessments confirming the gas-in-place potential of the Eumeralla Formation within the designated Focus Area. The mid-case estimate (P50) indicates 11.5 trillion cubic feet (TCF) of gas in place, with approximately 3 TCF considered potentially recoverable via conventional means.

To advance the project, the Company has proposed the drilling of two conventional wells – Greenslopes-2 and Portland Energy-1. These wells are designed to be drilled to a depth of approximately 1,500 metres and will serve as proof-of-concept wells to determine whether gas can be commercially produced by conventional methods from the Eumeralla Formation. Preliminary well planning has commenced, with drilling targeted for mid to late 2026, subject to regulatory approvals and access.

The Portland Energy Project presents a strategic opportunity to bring new domestic gas supply online within a region of existing infrastructure and proximity to demand centres. If successful, the project has the potential to make a material contribution to easing gas shortages and improving supply security across eastern Australia.