Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2014quarterly activities report● Neutral
December quarter report: Sinopec subsidiary MOU and due diligence visit, Armour's PRL 2 match (Lakes would hold 85%, Armour 15%), and Wombat-5 conventional drilling plans. Otway-1 delayed again, to Q1 2014. The fracturing moratorium still holds up PRL 2.
9 Jan 2014other● Neutral
None of the 60 million forfeited shares sold at the 8 January auction. Lakes will dispose of them as the Corporations Act and its constitution allow. Minor.
7 Jan 2014other● Neutral
Lakes confirms the auction of 60 million forfeited partly paid shares will be held on 8 January 2014 at the ASX offices. Administrative.
6 Jan 2014other● Neutral
No forfeited partly paid shares have been redeemed since 30 December. Administrative update.
30 Dec 2013other● Neutral
No forfeited partly paid shares have been redeemed since 23 December. Administrative update.
24 Dec 2013farm in farm out agreement● NeutralMajor
Lakes confirms receiving Armour's letter 'purporting to exercise' its right to match the Beach farm-in. Lakes notes the $10m two-well fracturing program is prohibited under the moratorium. Wording suggests Lakes does not fully accept the exercise (inference).
23 Dec 2013farm in farm out agreement● NeutralMajor
Armour says it exercised its right to match Beach's PRL 2 farm-in: operator, 15% interest now for a $10m program within 12 months, up to 50% with a further $40m. The work is suspended by the fracturing ban and Armour seeks revised terms. It plans to drill Wombat-5.
23 Dec 2013other● Neutral
No forfeited partly paid shares have been redeemed since 16 December. Administrative update.
16 Dec 2013other● Neutral
No forfeited partly paid shares have been redeemed since 12 December. Administrative update.
12 Dec 2013other● Neutral
Lakes forfeited 60 million unquoted partly paid shares held by former officers and employees because no calls were paid. It will auction them as fully paid on 8 January 2014. Small administrative matter.
10 Dec 2013security holder rights change● NeutralMajor
Lakes issued 2.891bn shares on early conversion of 578,222 notes, taking fully paid shares to about 10.1bn. Roughly 227,832 notes remain. Conversion removes most of the $10-per-note debt and further interest but dilutes shareholders heavily.
26 Nov 2013admin correction● Neutral
Ex-date for the second note interest payment moved from 26 to 27 November 2013. All other dates unchanged. Administrative.
25 Nov 2013regulatory community update▼ Bad
AGM address: the Victorian government extended the fracturing ban to July 2015, and Lakes says its 2014 programs will not involve fracturing. Chairman defends tight gas safety and highlights Otway-1. The ban lasting longer delays PRL 2 stimulation work.
19 Nov 2013investor presentation● Neutral
Conference presentation repeating known themes: Otway-1, Wombat-5 and the case for fracturing. The corporate snapshot showed 7.21bn fully paid and 191.5m partly paid shares (7.40bn total), 806,054 notes, and a $44.4m market cap at $0.006.
14 Nov 2013regulatory community update● Neutral
Lakes rebuts media claims about its Western Victoria plans. It says it has no plans to drill near Moriac, and Brucknell was drilled in 2012. It has applied to drill the conventional Otway-1 next to Origin's plant near Port Campbell. No new result.
8 Nov 2013security holder rights change● Neutral
Notice to noteholders: second interest payment of $0.50 per note is due 10 December 2013 (record date 2 December). Holders can still convert to 5,000 shares per note by 2 December and receive it. Administrative.
7 Nov 2013investor presentation● Neutral
Chairman's conference slides argue tight gas differs from coal seam gas, and promote Wombat-5 and Otway-1. They cite over $50m spent on Gippsland drilling and testing, and plan 3D seismic over Wombat/Trifon. Largely repeats known points.
6 Nov 2013drilling scheduled▲ GoodMajor
Lakes applied to drill Wombat-5 in early 2014, a conventional well without fracturing, targeting the weathered top of the Strzelecki Formation. This is the non-fracture route to Wombat production flagged earlier. Drilling is subject to approval and financing; no cost given.
4 Nov 2013material agreement▲ GoodMajor
Lakes signed a non-binding MOU with Sinopec subsidiary CSOLPE to study joint development of its Gippsland permits, supplying gas for urea and chemicals. Due diligence starts this month; a binding deal would follow only if satisfactory. A possible new partner while PRL 2 is stalled (inference).
31 Oct 2013quarterly activities report● Neutral
September quarter report: the fracturing moratorium still blocks tight gas work, so Lakes is pursuing non-fracturing projects. Otway-1 slips again, to Q1 2014, on land access. Beach and Somerton's PRL 2 exit is confirmed, Armour has until February 2014 to match, and electro-seismic results are in.
24 Oct 2013annual report▼ Bad
2013 Annual Report. The chairman says it was a quiet year because of the fracturing moratorium, and Beach/Somerton pulled out of PRL2. Lakes is looking at interstate options and ways to bring Wombat into production without fracturing. Hancock holds 18.6% effective.
26 Sept 2013annual report● Neutral
Full-year statutory accounts to 30 June 2013 (text truncated). The directors' report covers the January 2013 board additions of Plimer and Downer, nominated by Timeview. No figures are visible in the excerpt.
12 Aug 2013farm in farm out completion▼ BadMajor
Beach Energy and Somerton (now Cooper Energy) formally withdrew from the PRL2 farm-in, and their interests went back to Lakes. Armour now has six months to match any third-party farm-in. This ends the Beach deal that was stalled by the moratorium.
31 July 2013quarterly activities report● Neutral
June quarter report: Yallourn Power-1 finished at 1,201m with low background gas. Otway-1 slips to Q1 2014 on land access issues. A May Wombat-1 flow test averaged 0.190 mmscfd of gas over nine days. The fracturing moratorium still holds up PRL 2.
20 June 2013drilling result● NeutralMajor
Yallourn Power-1 reached 1,201m total depth, with 791m of core recovered. It confirmed a thick Early Cretaceous shale sequence, with background gas up to 75 units. It is a corehole with no flow; core evaluation continues, so the oil source rock theory is not yet resolved.
11 June 2013security holder rights change● Neutral
Lakes issued 276.74m shares on early conversion of 55,348 notes, at 5,000 shares per note. This adds to the share count and removes those notes' future interest, but leaves most of the notes outstanding.
4 June 2013drilling progress report● Neutral
Yallourn Power-1 is at 1,088m, coring towards the 1,200m target. Coring is slow because the formation is fractured and thicker than expected. A decision on continuing will be made at 1,200m.
24 May 2013admin correction● Neutral
Lakes confirms the first note interest payment will be on 11 June 2013, not 14 June as previously advised. All other dates are unchanged.
10 May 2013security holder rights change● Neutral
Notice to noteholders: first interest payment is $0.50 per note, record date 31 May 2013. Holders can convert notes to 5,000 shares each by 31 May and still receive this payment. Administrative.
7 May 2013regulatory community update● Neutral
Chairman writes to shareholders arguing the Victorian fracturing ban was aimed at coal seam gas and wrongly catches Lakes' tight gas project. He says Lakes does no coal seam gas work and will not fracture aquifers. No new project result or change.
