9 Dec 2014other● Neutral
ASX removes the matured converting notes (LKOG) from quotation after close of trading today. Ordinary shares are unaffected.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Nov 2014other● Neutral
Chairman's address to the 2014 AGM is attached as a document, but the text provided contains no readable content from the address itself.
21 Nov 2014other● Neutral
ASX suspends Lakes' converting notes (LKOG) from quotation at close of trade, pending their 30 November 2014 maturity. Ordinary shares are unaffected.
20 Nov 2014admin correction● Neutral
Following ASX advice, the record date for the note interest payment and conversion moves to 28 November 2014. Payment and conversion remain 9 December 2014.
10 Nov 2014security holder rights change● Neutral
Letter to noteholders: final $0.50 per note interest is payable 9 December 2014 (originally scheduled), and notes maturing 30 November 2014 convert automatically to 5,000 shares each, up to 6,667 if the share price is below 0.2 cents.
5 Nov 2014other● Neutral
Confirms the auction of 191.5m forfeited partly paid shares, sold as fully paid, on 7 November 2014 with a reserve price of $0.003 per share. Count is provisional as holders can still redeem.
3 Nov 2014other● Neutral
No forfeited partly paid shares have been redeemed since 27 October. Administrative update.
31 Oct 2014quarterly activities report▼ Bad
September quarter report: Victorian exploration remains at a standstill, with two conventional wells and a workover stalled awaiting Ministerial approval. Lakes expects no change before the November election. It records completed Otway and Queensland acreage purchases and the offshore permits granted after quarter end.
27 Oct 2014other● Neutral
No forfeited partly paid shares have been redeemed since 20 October. Administrative update ahead of the planned share auction.
24 Oct 2014annual report▼ Bad
2014 annual report: chairman calls the year one of 'frustration and disappointment' as Victoria's onshore drilling ban stalls a planned conventional well. It notes the Dow and Simplot conditional gas contracts, the new Otway and Queensland permits, and Downer's replacement by Wightman.
21 Oct 2014asset acquisition disposition▲ GoodMajor
Lakes is awarded two new offshore Gippsland Basin permits, VIC/P43(V) and VIC/P44(V), for six years of exploration. No work program or cost is given in the text. It adds offshore acreage while onshore Victoria remains frozen.
20 Oct 2014other● Neutral
No forfeited partly paid shares have been redeemed since 15 October. Administrative update.
15 Oct 2014other● Neutral
131.5m partly paid shares are forfeited after the 30 September 2014 calls went unpaid. With the 60m already held, 191.5m shares will be auctioned as fully paid on 7 November 2014. Administrative, though it marks the end of the old partly paid share structure.
30 Sept 2014annual report● Neutral
Annual financial report for the year to 30 June 2014. The provided text covers directors and board changes only, with no financial figures visible. The Downer, Wightman and de Weijer changes are repeated.
29 Sept 2014asset acquisition disposition▲ Good
Bass Strait Oil says the sale of PEP167 and PEP175 to Lakes subsidiary Mirboo Ridge has received regulatory approval and Lakes has paid the balance. This completes the July deal. The release also covers Bass Strait's CEO re-engagement.
26 Aug 2014director officer appointment● Neutral
Matthew Stubbs resigns as alternate for William Stubbs and Armour CEO Robbert de Weijer is appointed in his place. De Weijer is already alternate for Nicholas Mather. Board-level administrative change.
4 Aug 2014director officer appointment● Neutral
Kyle Wightman, a Hancock Prospecting nominee, joins the board as non-executive director, replacing Alexander Downer. Hancock/Timeview were already a roughly 18.6% holder earlier, per earlier notes.
31 July 2014asset acquisition disposition▲ GoodMajor
Lakes says it is acquiring two Queensland permits, ATP 642P and ATP 662P, in the Cooper/Eromanga Basin. It says this reduces dependence on Victorian exploration. No price or interest is stated.
31 July 2014quarterly activities report▼ Bad
June quarter report: Victorian drilling and workovers are stalled indefinitely, and Lakes does not expect a change before the November 2014 State election. It records the Simplot and Dow letters of intent and the new Otway and Queensland acreage.
25 July 2014other● Neutral
Lakes says it has mailed shareholders an information booklet, also on its website. No content is given in the announcement. Administrative.
24 July 2014material agreement▲ GoodMajor
Lakes signs a second conditional 10-year letter of intent, to supply gas to Dow Chemical (Australia). As with Simplot, it depends on a formal agreement, Wombat commercialisation and the moratorium being lifted.
11 July 2014asset acquisition disposition▲ GoodMajor
Lakes agreed to acquire 100% of Otway Basin permits PEP 167 and PEP 175 from Bass Strait Oil Company, subject only to regulatory approval. No price was given, and Lakes said it could not move forward until the onshore drilling ban was lifted.
11 July 2014asset acquisition disposition● Neutral
Bass Strait Oil announces it is selling its Otway Basin permits PEP167 and PEP175 to Lakes for $300,000 cash, subject to regulatory approval. This is the counterparty's side of the Lakes acquisition announced the same day.
4 July 2014material agreement▲ GoodMajor
Lakes signs a conditional 10-year letter of intent to supply gas to food manufacturer Simplot, one of two planned foundation deals. It depends on a formal agreement, Wombat commercialisation and the lifting of the Victorian drilling moratorium, so it is not yet a firm sale.
10 June 2014security holder rights change● Neutral
Lakes issued 44.11m shares on early conversion of 8,822 notes, taking fully paid shares to about 10.144bn. About 219,010 notes remain quoted. A small further dilution following the December 2013 conversion.
5 June 2014director officer appointment● Neutral
Robbert de Weijer, CEO of Armour Energy, is appointed alternate director for Nicholas Mather, with no securities held. Armour is Lakes' partner in PEP 166 and PEP 169 and claims PRL 2 matching rights.
2 May 2014security holder rights change● Neutral
Reminder letter to noteholders: third interest payment of $0.50 per note due 10 June 2014 (record date 2 June). Holders may convert to 5,000 shares per note by 2 June, losing later interest. Administrative.
24 Apr 2014quarterly activities report▼ Bad
March quarter report: Otway-1, Wombat-5 and the Wombat-3 oil test are all stalled awaiting written Ministerial approval, though none involves fracturing. Armour's PRL 2 match is still described as 'purported'. Gas contracts with end users cannot be signed.
14 Apr 2014director officer appointment● Neutral
Non-executive director Alexander Downer resigns effective 17 April 2014 after being appointed High Commissioner to the UK. He had served since 1 February 2013. The chairman refers to the work to bring the Wombat field into production.
14 Mar 2014half year report● Neutral
Half-year to 31 December 2013: loss of $1,664,734 (prior year $1,792,784). Repeats the Sinopec subsidiary MOU, Armour's purported PRL 2 matching-right exercise, the 2.891bn-share note conversion and the fracturing moratorium to at least July 2015. Cash position not visible in the text.