The story
Formed in March 1952 as a joint venture between Ampol and Caltex, the company discovered Australia's first flowing oil in November the following year, at Rough Range on the North West Cape. The first oil discovery in Australia was made near Lakes Entrance, Victoria in 1924.
The Rough Range well flowed with heavy crude oil, initially at 400 barrels (64 m3) per day from a depth of 1099 metres, but further drilling in 1954 demonstrated the discovery to be small with low flow rates and it was deemed to be not commercial.
From Wikipedia’s article on WAPET, shared under CC BY-SA 4.0.4