Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Mar 2016half year report● Neutral
Half-year to 31 December 2015: loss of $711,041, against $1,160,530 a year earlier. Interest of $211,105 was paid to noteholders. The report confirms the September vote failed to remove Annells and Berold. Text is truncated, so cash is not visible.
10 Mar 2016security holder rights change● Neutral
Letter to noteholders reminding them of the second $0.50 interest payment on 8 April 2016 and the option to convert early into 5,000 shares per note by 31 March. Reminder of existing terms; nothing new.
29 Jan 2016quarterly activities report● Neutral
December quarter report: the Victorian parliamentary inquiry delivered its final report in December, but the Government has not yet responded. All Victorian field work remains stalled by the moratorium. Further 12-month extension and suspension applications have been lodged. (The report's own text gives the year as 2016, apparently a typo.)
23 Nov 2015investor presentation● Neutral
AGM address by Chairman Annells listing seven proposed projects on hold under the Victorian ban, including Wombat-5, the Wombat-3 workover and the Otway proof-of-concept wells. It repeats known plans and adds no new results.
30 Oct 2015quarterly activities report● Neutral
September quarter report: Victorian bans are unchanged, leaving two conventional wells and the PRL 2 workover stalled. The September meeting kept Annells and Berold on the board, and Davis and Tonkin joined. The Otway Eumeralla potential is still described as very large. A further 12-month extension and suspension has been sought for each permit.
23 Oct 2015annual report▼ Bad
Annual report for the year to 30 June 2015. The chairman calls it another year of frustration, with the Victorian drilling ban stalling two conventional wells. Lakes is seeking approval for two vertical Otway proof-of-concept wells. Text is truncated, so no financial results are visible.
23 Oct 2015annual report● Neutral
Corporate governance checklist (Appendix 4G) lodged with the 2015 annual report, pointing to the governance statement at pages 87-97. Administrative filing, with no new financial or operating information.
19 Oct 2015other● Neutral
DGR Global, holding about 24.6% of Armour, says it has made no recommendation or decision on WestSide's bid or the Northern Territory farm-out vote. It rejects a media report suggesting otherwise. Third-party clarification, no direct Lakes news.
15 Oct 2015business combination● NeutralMajor
Armour's board recommends WestSide's raised $0.20 cash takeover bid. If it goes unconditional, Armour will distribute 6.9755 Lakes shares per Armour share as a dividend in specie. Armour's roughly 19.9% Lakes stake would therefore be passed on to its shareholders (inference).
9 Oct 2015security holder rights change● Neutral
Lakes issued 227,815,000 shares on early conversion of 45,563 notes, and sought quotation of the 182m forfeited shares held in trust. Quoted shares reach about 11.66 billion, with 376,646 notes remaining.
30 Sept 2015annual report● Neutral
Annual report for the year to 30 June 2015. It shows Andrew Davis and Chris Tonkin joined the board on 9 September 2015, following the shareholder meeting. The text provided is truncated, so no financial results are visible.
11 Sept 2015security holder rights change● Neutral
Letter to noteholders on the first $0.50 interest payment (8 October) and the option to convert early into 5,000 shares per note by 30 September. Reminder of existing terms; nothing new.
11 Sept 2015other● Neutral
Notification of the first interest payment on the converting notes (LKOGA): $0.50 per note, record date 30 September 2015, paid 8 October 2015. Routine administrative notice.
31 July 2015quarterly activities report● Neutral
June quarter report: Victorian bans are unchanged and extension and suspension applications have been lodged for each permit. Indicative reviews suggest a very large gas-in-place potential in the Otway Eumeralla Formation. Directors placed only about $0.1m of the $7.18m note shortfall; the placement window closed 20 July.
15 July 2015other▼ BadMajor
Armour Energy, the PRL 2 and PEP 166/169 partner, has given notice of resolutions to remove Executive Chairman Rob Annells and director Barney Berold. Lakes must hold a shareholder meeting in September 2015, with notice documents due in August.
23 June 2015capital raising announcement● Neutral
Directors placed another $11,000 (1,100 notes) of the note shortfall, a very small amount. The right to place the rest remains open.
22 May 2015capital raising announcement● Neutral
Directors placed a further $93,900 (9,390 notes) of the note shortfall. The remainder of the $7.18m shortfall can still be placed until three months after the offer closed.
30 Apr 2015quarterly activities report● Neutral
March quarter report: the Labor government has kept the Victorian drilling bans, stalling two conventional wells and the PRL 2 workover. Lakes pitches a 'Portland Energy Project' in its Otway permits and will seek approval for two proof-of-concept wells to about 1,500 m.
24 Apr 2015capital raising announcement● Neutral
Lakes issued 411,719 converting notes ($4.12m) from the rights issue; Timeview (Hancock) holds 51.61% of notes. Shares on issue stay at 11,430,638,039. Notes begin trading 27 April 2015.
23 Apr 2015capital raising announcement● NeutralMajor
The note rights issue raises $4.12m of the up to about $11.3m sought, leaving a $7.18m shortfall that directors may place at their discretion within three months. Notes issue 24 April 2015.
14 Apr 2015other● Neutral
Reminder to shareholders that the note rights issue closes 20 April 2015. Repeats the terms and Hancock's $2.125m commitment. No new information.
24 Mar 2015other● Neutral
Lakes confirms the prospectus and entitlement forms for the note rights issue were all despatched on 23 March 2015. Administrative.
11 Mar 2015capital raising announcement● NeutralMajor
Letter to shareholders on a planned note rights issue: one $10 note per 10,000 shares, raising up to about $11.3m. Hancock (18.89% holder) commits $2.125m. Funds are for Queensland and offshore permits, Otway preparation and working capital.
11 Mar 2015capital raising announcement● Neutral
Prospectus for the note rights issue: $10 notes, 10% interest, converting to 5,000 shares each at maturity 31 March 2017 (up to 6,667 if shares are below 0.2 cents). Offer closes 20 April 2015; the last share price was 0.40 cents.
11 Mar 2015capital raising announcement● Neutral
Lakes announces the non-renounceable rights issue of converting notes at $10 each, one per 10,000 shares, paying 10% interest. This is the cover announcement listing the lodged offer documents.
11 Mar 2015other● Neutral
Letter to shareholders outside Australia and New Zealand explaining they are excluded from the note rights issue. The offer is not underwritten and has no minimum raise. No action required.
20 Feb 2015half year report● Neutral
Half-year to 31 December 2014 shows a loss of $1,160,530, against $1,664,734 a year earlier. Only 9.5m of the 191.5m forfeited shares sold at auction, raising $28,500; 182m remain unsold. Victorian onshore ban continues to affect plans.
10 Feb 2015other● Neutral
Lakes encloses information booklets to be mailed to shareholders within the week. No content is described in the announcement text. Administrative.
30 Jan 2015quarterly activities report▼ Bad
December quarter report: the new Labor government has not changed the onshore drilling ban, and in late January the State signalled the moratorium will continue until a parliamentary inquiry finishes. The two offshore Gippsland permits, VIC/P43(V) and VIC/P44(V), are 100% Lakes.
9 Dec 2014security holder rights change● NeutralMajor
The 219,010 remaining converting notes convert into 1,095,050,000 new fully paid shares (5,000 each), bringing quoted shares to about 11.25 billion. This ends the 2012 note issue, which matured 30 November 2014.
