News: Australian oil and gas company Lakes Oil N.L. has applied for permission to drill a new well, Wombat 5, at the start of 2014, Oil Voice reports. Lakes Oil is seeking to conduct conventional drilling of Wombat 5, in the Gippsland Basin, after gas was found by its geologists. The company will not commercialise the entire area, but will focus mainly on the Macalister, Trifon and Gangell fields. The gas found at the site is expected to be cheaper to produce than offshore gas and will be sold solely to customers in Victoria and New South Wales.