Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Aug 2026capital raising announcement▼ BadMajor
Entitlement offer closed raising $1.9m of the $4.69m offered at $0.30, with underwriters covering a further $0.8m. About $2.0m of shortfall remains unplaced. Placement raised $3.3m, plus $0.7m needing shareholder approval on 23 September. Total so far falls short of the ~$8.7m target.
7 Aug 2026capital raising announcement● Neutral
Prospectus and application forms for the 1-for-4.7 entitlement offer at $0.30 (free $0.36 option per share) were dispatched, with letters to ineligible holders. Offer closes 18 August 2026. Administrative step in the already-announced raising; no new terms.
29 July 2026investor presentation● Neutral
Capital raising presentation repeats the raise, Wombat-5 testing status and board changes. It states production testing has concluded, with the next step being inhibited fluid and perforation of about 156 m. No new results.
29 July 2026capital raising announcement▼ BadMajor
Raising about $8.7m at $0.30 per share: a $4.0m placement plus a $4.7m 1-for-4.7 entitlement offer, partly underwritten to $2.7m, each with a free $0.36 option. Funds go to Wombat perforation and testing. Boyd White resigned; Hugh Robertson joined the board. Price is far below the $1.15 placement of 2025.
29 July 2026capital raising announcement● Neutral
Prospectus for the 1-for-4.7 entitlement offer at $0.30 to raise up to about $4.69m, with a free attaching option per new share. Documents the already-announced raising; no new terms visible.
2 July 2026other▲ GoodMajor
Lakes reports preliminary talks with Victorian Government departments on Wombat supplying gas. Its own conceptual study models roughly A$605m NPV10, 58% IRR, first gas Q1 2029, with about A$169m initial capital. No government commitment or funding exists.
2 July 2026director officer appointment● NeutralMajor
Chairman Roland Sleeman retired as director and chairman on 30 June 2026, after joining as CEO in 2016. The board is considering additional appointments.
9 June 2026well test result● NeutralMajor
Wombat-5 pressure build-up reached about 1,764 psi, with at least 237 m of gas-bearing sand behind casing. Drilling damage is restricting flow; propellant perforation of at least 156 m is targeted for late August 2026, subject to approval. Still no commercial flow rate.
9 June 2026other● Neutral
Lakes settled one of two supplier disputes arising from Wombat-5 drilling for a cash payment, said to be under a third of the roughly $1.3m claimed (amount confidential). The second went to litigation after failed mediation; total in dispute was previously put under $3.5m.
19 Mar 2026other● Neutral
Exploration team expanded to four, including a geophysicist and reservoir engineer. Plans: improve Wombat-5 flow, drill up to two Portland wells in late 2026 subject to approvals, and seek approval for a Gippsland seismic survey, including to outline Wombat oil.
19 Mar 2026well test result▼ BadMajor
Wombat-5 flow and clean-up suspended and contractors demobilised, as further work is needed to establish full gas flow. A longer pressure build-up now runs, then, subject to approval, perforation and possibly acid washing. Setback to the test that began in January.
16 Mar 2026half year report● Neutral
Half-year to 31 December 2025 report: the period centred on drilling and completing Wombat-5 and moving Wombat into production testing, plus the return to ASX trading in July. Mostly repeats known events; financial figures are not visible in the extract.
9 Feb 2026flow test result● Neutral
Wombat-5 testing is still clearing drilling and completion fluids, with nitrogen used to lift them. Gas is flowing to the flare from three zones, but no flow rates yet. Deliverability assessment awaits fluid recovery; the test is taking longer than planned.
21 Jan 2026director officer appointment▲ Good
Michael McGowan, a 35-year industry engineer who founded Arran Energy, is appointed General Manager of Operations. He will assist with Wombat-5 and two proof-of-concept wells planned at the Portland Energy Project.
21 Jan 2026flow test result▲ GoodMajor
After nitrogen blow-downs, natural gas is flowing to the flare from all zones, including below the lowest sleeve, so the deepest sand beneath the stuck assembly contributes. Drilling fluid is still being cleared; no measured flow rates yet.
14 Jan 2026drilling progress report▲ Good
The production packer passed a 2,500 psi pressure test and Victorian Government approval to test was received. Crews mobilise 14 January; plan is a four-day extended flow test then up to three weeks of shut-in, running mid-January to February 2026.
25 Nov 2025drilling progress report▼ Bad
Test equipment arrived and was rigged up, but the upper swellable packer had not swelled enough to seal. About 10 more days are needed, so the crew is demobilised. Re-test is around 5 December, with testing the following week: another delay.
10 Nov 2025drilling progress report▼ Bad
Wombat-5 production testing is delayed because equipment and staff are tied up elsewhere. First equipment is due 19 November, all onsite by 23 November, versus the earlier 10 November target. Lakes is confident of the third sand's contribution despite the stuck assembly.
13 Oct 2025regulatory community update● Neutral
Rig demobilised from Wombat-5 and the site secured. Gas flow testing is still scheduled to start 10 November. Repeats known timing; no new result.
2 Oct 2025drilling result▲ GoodMajor
Wombat-5 drilled about 1,500 m horizontally through three high-gas sand intervals; the middle one is a new discovery of gas shows. A stuck assembly and suspected fault at 2,450 m stopped the completion short, leaving 614 m barefoot. Flow testing starts 10 November.
1 Oct 2025drilling progress report● Neutral
Wellhead installed and pressure tested; drilling rig released at 1pm on day 61. Site is secured until the workover unit and gas flow test package arrive, scheduled for 10 November.
30 Sept 2025other● Neutral
Appendix 4G and corporate governance statement for the year to 30 June 2025, lodged with the annual report. Administrative compliance filing with no new information on the business.
30 Sept 2025drilling progress report▲ Good
The 4-1/2 inch completion is set at 2,438 m and the well secured for testing. Rig is to be released, with the workover unit and gas flow test scheduled for 10 November. The chair says flow testing is next to show commerciality.
30 Sept 2025annual report● Neutral
FY25 annual report. Review of operations repeats known facts: Wombat 329 Bcf and Trifon-Gangell 390 Bcf contingent (719 combined), Portland, Nangwarry and PNG interests. Text provided is truncated, so financial figures are not captured here.
29 Sept 2025drilling progress report● Neutral
Day 59: the 4-1/2 inch swellable packer completion is being run, at 2,185 m, to be set at 2,440 m. Rig then demobilises; workover unit and flow test package are scheduled for 10 November, after the packers set.
26 Sept 2025drilling progress report● Neutral
Day 55: the contractor is running in for a clean-up run to prepare the hole for fishing tools to recover the stuck bottom hole assembly. No new result.
25 Sept 2025drilling progress report▼ Bad
While pulling out at total depth, tight hole jammed the drill pipe, leaving 44 m of bottom hole assembly stuck in the well. Management is assessing options; the board calls it a further delay and complication, adding to earlier Wombat-5 setbacks.
24 Sept 2025drilling result▲ GoodMajor
Wombat-5 reached planned total depth of 3,052 m MD with 1,500 m of horizontal hole in the gas-saturated Strzelecki Formation. Final 200 m showed gas up to 35.82%, matching the best Wombat-3 sands. These are mud-gas shows, not a flow test.
23 Sept 2025drilling progress report▲ Good
Day 53: Wombat-5 at 2,916 m MD, 1,364 m lateral, in the Wombat-3 sand package with gas shows up to 67.49%. Repeats the 22 September result with the chair's comment; mud-gas readings only, not a flow test.
22 Sept 2025admin correction● Neutral
Lakes re-lodges its 5 September first-gas-shows update to add ASX Listing Rule 5.30 details on the Wombat-3 flow. The 3 million cubic feet a day was an estimate from flare size, lasting about 30 minutes before falling to about 60,000 a day. No new drilling result.
