Bass Strait Oilfield.
I 'found' this when I was Harbour Master for Gippsland Ports.
In 1924, the Lake Bunga No1 well, located five kilometres East of Lakes Entrance, struck traces of oil in an artesian water flow and became the first substantiated discovery of ‘well oil’ in Australia. After 15 years, approximately ‘5,000 barrels of poor quality oil had been produced, with a total value of only 10,000 Pounds’. The oil produced was suitable for producing fuel oil and lubricants but was dehydrated and used to lubricate the wheels of Melbourne trams, as well as a local source of furnace oil. The annual report of Lakes Oil for 1951 stated that due to lack of finance, all 26 holes had been cemented, all valuable equipment removed from the shaft, and the shaft allowed to fill with water.
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