Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2013quarterly activities report● Neutral
March quarter report: Yallourn Power-1 is at about 790m, drilling through shales with low gas readings, which Lakes reads as tight gas. Otway-1 is delayed by land access issues. A $2.3m FY12 tax refund arrived after quarter end. PRL 2 work stays on hold under the moratorium.
20 Mar 2013drilling progress report● Neutral
Yallourn Power-1 is at 590m, coring ahead. Coring is slower than expected because the rock is fairly fractured. No result yet.
15 Mar 2013half year report● Neutral
Half-year to 31 December 2012: loss of $1.79m (prior year $1.48m). Notes raised $2.29m, and the $6.3m shortfall placement followed in January. A $1m mortgage is due for repayment in August 2013. Beach and Somerton's Phase 2 option lapsed.
18 Feb 2013drilling progress report● Neutral
Yallourn Power-1 is at 454m with casing cemented. The drilling rig is being swapped for a coring rig, with coring due to start early next week. Planned depth is 1,200m. No result yet.
1 Feb 2013director officer appointment● Neutral
Former Foreign Minister Alexander Downer joins the board as a non-executive director, the second nominee of the Hancock Prospecting subsidiary Timeview Enterprises that took $4.25m of notes. He holds no Lakes securities.
1 Feb 2013capital raising announcement▲ Good
Armour Energy (Lakes' partner) says it took a further 175,830 $10 notes from the shortfall, lifting its fully diluted stake in Lakes to 18.6%, level with Hancock's subsidiary. It says Otway-1 drilling is scheduled for early March 2013.
31 Jan 2013quarterly activities report● Neutral
December quarter cash flow: cash ended at $3.2m, up from $918k, helped by $2.318m from the notes issue and $1m of borrowings. Operating outflow was small. Next quarter's outflow is estimated at $2.6m, including $458k of note interest. The later $6.3m placement is not included.
29 Jan 2013capital raising announcement▲ GoodMajor
Lakes placed a further 632,084 notes ($6.32m) of the shortfall, including $4.25m from a Hancock Prospecting subsidiary (18.6% diluted interest) and $1.758m from Armour to reach 18.6%. Professor Ian Plimer joins the board. With the earlier $2.29m, the notes raise about $8.6m.
18 Jan 2013quarterly activities report● Neutral
December quarter report: the fracturing moratorium holds up PRL 2 work, though permits got one-year suspensions and extensions. Beach and Somerton declined to earn further equity beyond Stage 1. Yallourn Power-1 is drilling and Otway-1 is hoped for Q1 2013. Notes raised $2.29m.
16 Jan 2013drilling progress report● Neutral
Duplicate of the same-day Yallourn Power-1 update: 166m depth, 1,200m target, no result yet.
16 Jan 2013drilling progress report● Neutral
Yallourn Power-1 was at 166m, drilling to about 450m before the coring rig comes in. Planned depth is 1,200m, about 40 days. Spud was 19 December 2012, with a holiday pause. No result yet.
27 Dec 2012capital raising announcement● Neutral
Lakes issued 229,318 notes ($2.29m) on 21 December 2012 and sent holding statements. Armour holds 30.16% of the notes. Shares on issue are 6.93bn fully paid plus 191.5m partly paid; notes start trading 28 December.
20 Dec 2012capital raising announcement● NeutralMajor
Converting note rights issue raised $2.29m at $10 per note. A $4.91m shortfall remains, which directors may place at their discretion over the next three months. Far short of the full amount offered.
20 Dec 2012drilling spud▲ GoodMajor
Yallourn Power-1 corehole in PEP 166 spudded, targeting 1,200–1,500m to test the thickness of the oil-bearing carbonaceous Rintouls Creek Formation. Lakes calls it a potential game changer. It is Lakes' third Victorian well in eight months, under the 75:25 Armour joint venture.
6 Dec 2012drilling scheduled● Neutral
Rig is mobilising to drill Yallourn Power-1, a stratigraphic corehole in PEP 166 (Lakes 75%, Armour 25%). It tests whether thicker oil source rock sits deeper in the Gippsland Basin than at Yallourn North 1A. This is the planned core hole from earlier.
3 Dec 2012capital raising announcement● Neutral
Second supplementary prospectus extends the notes offer: closing moves from 3 to 17 December 2012, and notes issue on 21 December. It also clarifies the $10 is paid once and each note converts into at least 5,000 shares.
27 Nov 2012agm notice● Neutral
AGM address slides recap the oil source-rock theory and the proposed Otway-1 well near the Iona gas plant. Lakes expects a coring rig at Yallourn Power-1 this week, with drilling starting in the first week of December 2012.
7 Nov 2012capital raising announcement● Neutral
Lakes confirms it finished sending prospectus documents and entitlement forms for the converting notes rights issue. Administrative notice with no new substance.
5 Nov 2012capital raising announcement▼ BadMajor
Supplementary prospectus discloses the auditor's going-concern qualification and says Lakes needs $2.3–2.5m to operate to September 2013. It plans $3.5m of project spending, with $1.5m for Otway-1 first. Fallbacks include extending a $1m 12% secured loan, farm-outs and selling property.
23 Oct 2012capital raising announcement● Neutral
Prospectus for the converting notes issue: $10 notes paying 10% a year, converting into 5,000 shares each (up to 6,667 if the share price falls, floor 0.15c) on 30 November 2014. Offer closes 3 December 2012. Last share price was 0.3c. Text is truncated.
23 Oct 2012capital raising announcement● NeutralMajor
Chairman's letter launches the converting notes rights issue: $10 notes, 10% interest, converting at up to 0.2c per share, with no minimum raise. Funds target Otway-1, Lakes Entrance oil wells and a PEP 166 core hole. Armour would put in up to $1.4m to reach 15%.
23 Oct 2012capital raising announcement● Neutral
Standard letter telling shareholders with addresses outside Australia they cannot take part in the notes rights issue, because the cost of complying with foreign laws is judged unreasonable. Administrative notice only.
23 Oct 2012capital raising announcement● NeutralMajor
Lakes proposes a non-renounceable rights issue of listed unsecured converting notes at $10 each, one note per 10,000 shares held, minimum $500. Interest is 50 cents per note half-yearly, equal to 10% a year. Total size is not stated in this announcement.
23 Oct 2012capital raising announcement● Neutral
Formal letter to optionholders: to join the notes rights issue they must have vested options and exercise them before the 31 October 2012 record date. Administrative notice with no new substance.
22 Oct 2012quarterly activities report▼ Bad
September quarter report: the moratorium stops Wombat-4 and Boundary Creek-2 fracturing in 2012, and the crews have gone to New Zealand. Lakes shifts to oil and conventional targets, including a planned Otway-1 well near Iona gas field in PEP 169 before Christmas, pending approvals.
22 Oct 2012annual report● Neutral
Annual report to shareholders. Chairman calls Moreys-1 and Holdgate-1 good results and says tight gas is present along the Baragwanath Anticline. He says the fraccing moratorium has severely interrupted work, with PRL 2 equipment now deployed elsewhere. Largely repeats known facts.
28 Sept 2012annual report● Neutral
Statutory accounts for the year to 30 June 2012, covering the Armour board appointments and the year's drilling. The visible extract shows no financial figures; the rest is truncated.
20 Sept 2012investor presentation● Neutral
Chairman's letter sends shareholders two booklets: projects on hold during the fracturing moratorium, and oil-focused projects to pursue meanwhile, including Wombat-3 oil testing and Yallourn Power-1. He expects the moratorium to lift in 2013, subject to a national code.
28 Aug 2012regulatory community update▼ BadMajor
Chairman says Victoria's government moratorium on fracture stimulation, aimed at coal seam gas, also catches Lakes' deep tight gas work. Beach's Wombat-4 and Boundary Creek-2 fracturing, due before Christmas, is affected. Annells says financing will be harder under the moratorium.
2 Aug 2012listing compliance notice● Neutral
ASX queried Lakes after the quarterly showed cash of $1.274m and operating outflow of $627k. Lakes replied that partners fund almost all exploration, its own September-quarter spend is about $120,000, and it expects $550,000 from debtors. It said it complies with the listing rules.
