re: Ann: LKO to search for Coal - Finds oil i...
Lakes Oil has brown coal power 'approaches' Published 2:50 PM, 4 Apr 2011
Source: News Bites
Lakes Oil NL says it has received approaches from power developers interested in its plans for generating low-cost power from Latrobe Valley brown coal in Victoria.
Chairman Rob Annells today told News Bites he had recently received early stage approaches from "big players" interested in helping Lakes, with its more focussed approach to using a dewatered [cleaned up] form of brown coal, to produce low-cost electricity.
The company last week announced it was assessing coal interests in the Latrobe Valley where subsidiary Commonwealth Mining has applied for two exploration licences containing what are believed to be extensive brown coal deposits.
He said the development of new brown coal tenements could lead to state-of-the-art power stations in the valley, with reduced carbon output from brown coal which was still one of the cheapest forms in the world of producing electricity.
Mr Annells also said he expected new investment in onshore and offshore plays in the Gippsland Basin after last week finding oil in interbedded carbonaceous shales and coal below the Latrobe formation.
The company will quickly evaluate the discovery, which it says constitutes a significant shift in the understanding of the basin, before deciding whether to drill a follow-up well.
Mr Annells said Lakes Oil, with its interests in brown coal, gas, oil and geothermal energy, was one group in Victoria that could bring together all the pieces required to build a 21st century power station designed to produce more power with fewer emissions.
LKO Price at posting:
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