Australia’s First Oil Well in Lake Tyers Beach, Australia

About 1 km down the Old Bungalow Road, off the Princess Highway 5km east of Lakes Entrance, Victoria stands a replica oil well, that represents the site of the first oil discovery in Australia. The well (Lake Bunga No. 1) was spudded in on the 25th July, 1924 by the Lakes Entrance Development Co. Oil was found at a depth of 325m in association with gas and ground water. The find sparked an intensive exploration period in the Gippsland Basin, which eventually led to the production of over 8,000 barrels of heavy crude oil. By the 1950s there was a growing need for fuel which warranted further exploration along the East Gippsland Coastline and into Bass Strait. In 1965 oil was discovered in huge quantities in the strait. The small well of Lake Bunga No 1 was the beginning of the development of the economics of Australia.