Lakes Oil is the oldest oil company in Australia and was formed in 1946 in Lakes Entrance, Victoria. Lakes has been exploring across Victoria for “tight” gas and shale oil and gas. Has spent over $80m on exploration activities within Victoria.
The company provides one of the few remaining links between the struggles to find and produce Australia's first indigenous oil reserves during the early part of this century and the relative comfort of the nation's near self-sufficiency in petroleum production during the 1990s.
Lakes has also kept alive the pioneering spirit of a once larger band of optimistic junior explorers willing to tackle programs in which more cautious major companies have declined to take part.
Taking its name from the Lakes district of Gippsland in south eastern Victoria, Lakes Oil plunged straight into a project to produce oil from shallow glauconite sands at the town of Lakes Entrance via a series of wells drilled from the base of a specially dug mine shaft.