Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Sept 2025drilling result▲ GoodMajor
Wombat-5 drilled 522 m in 72 hours to 2,916 m MD and entered the Wombat-3 sand package near 2,825 m on prognosis. Gas shows reached 3,374 units (67.49%). Target depth is about 3,050 m. Mud-gas readings, not a flow test.
19 Sept 2025drilling progress report● Neutral
Day 49: well path corrected back to 87.2° and 24 m drilled to 2,297 m MD. The motor assembly was pulled to be replaced with the rotary steerable tool. Gas shows up to 458 units.
18 Sept 2025drilling progress report● Neutral
Re-lodgement of the 17 September update: 2,273 m, gas shows up to 1,565 units, 777 m left to total depth. Same content, no new information.
17 Sept 2025drilling progress report▲ Good
Day 48: a downhole motor assembly found no debris and drilled 73 m to 2,273 m MD (721 m lateral). Gas shows up to 1,565 units (31% gas). 777 m remains to the 3,050 m target.
16 Sept 2025drilling progress report● Neutral
Re-lodgement of the 15 September update: 2,200 m, slow drilling from suspected reamer shoe debris, string being pulled. Same content, no new information.
15 Sept 2025drilling progress report▼ Bad
Day 46: horizontal hole reached 2,200 m MD, 678 m lateral, but only 78 m in 72 hours. Slow drilling and torque, suspected dislodged reamer shoe debris, mean the string is being pulled for inspection. Gas shows up to 590 units.
12 Sept 2025investor presentation● Neutral
Capital raising presentation for the $5.8m placement at $1.15, a 13.4% discount to the 5-day VWAP and 34.3% below the last price of $1.75. Repeats Wombat-5 progress to 2,122 m and the gas shows already announced.
12 Sept 2025drilling result▲ GoodMajor
Horizontal drilling advanced 320 m in 24 hours to 1,899 m MD, passing the Wombat-2 location with gas shows up to 2,910 units (581,000 ppm) in good sands. Strong indication of gas-saturated reservoir, though a mud-gas reading and not a flow test.
12 Sept 2025capital raising announcement● NeutralMajor
Lakes raised $5.8m in a two-tranche placement at $1.15 a share (about 5.04m shares). Tranche one is 4,608,696 shares. A director-linked entity (Nick Mather) takes $500,000, subject to AGM approval. Funds go to the Wombat project and working capital.
11 Sept 2025drilling progress report● Neutral
Re-lodgement of the 10 September update: horizontal section started, 60 m drilled, gas readings up to 81 units. Same content, no new information.
10 Sept 2025drilling progress report▲ Good
Horizontal 6-1/8 inch section began 10 September; 60 m drilled by 9:30 am at about 20 m/hour. Gas readings reached 81 units (16,200 ppm). The chairman points to 250 Bcf at Wombat, which is a 2010 consultant estimate, not new.
9 Sept 2025drilling progress report● Neutral
Day 39: casing is cemented at 1,549 m and preparations are under way to start the 1,500 m horizontal section within 24 hours. No new depth.
8 Sept 2025drilling result▲ GoodMajor
The 7 inch casing is set and cemented at 1,549 m, about 35 m into the Strzelecki, securing the well in the reservoir. Gas shows rose to 35 units (7,000 ppm). Target total depth remains 3,050 m.
5 Sept 2025drilling result▲ GoodMajor
Wombat-5 entered the Strzelecki Formation at 1,410 m, about 4 m higher than prognosis, with first gas shows up to 12 units (2,400 ppm). Lakes says these are consistent with Wombat-2 and -3. Early indication only, not a flow test.
4 Sept 2025drilling progress report● Neutral
Day 33: assembly running back to the bottom at 1,394 m after fluid volume was restored. Strzelecki top expected in about 20 m and the 7 inch casing point in about 150 m.
3 Sept 2025drilling progress report● Neutral
Re-lodgement of the 2 September update: assembly paused at the casing shoe at 1,394 m while fluid volumes are restored. Same content, no new information.
2 Sept 2025drilling progress report● Neutral
Day 32: no depth progress, stuck at 1,394 m. New assembly paused at the casing shoe while surface fluid volumes are restored. Strzelecki top still expected within 20 m TVD; 7 inch casing point about 1,530 m.
1 Sept 2025drilling progress report● Neutral
Day 31: well at 1,394 m, 53° inclination, after changing the motor and bit for slow drilling. A human-error mechanical failure while pulling the string delayed repairs. The Strzelecki top is expected within about 20 m.
29 Aug 2025drilling progress report▼ Bad
Day 27: just 3 m drilled to 1,259 m. The contractor is again pulling out to change the assembly after similar bit clogging as the day before.
28 Aug 2025drilling progress report▼ Bad
Day 26: only 14 m drilled to 1,256 m. Clay packed around the bit and stabiliser slowed drilling, so the assembly was pulled and a new one is being run in. A minor setback.
27 Aug 2025drilling progress report● Neutral
Re-lodgement of the 26 August update: 1,242 m, 22° inclination, hole in good condition. Same content, no new information.
26 Aug 2025drilling progress report● Neutral
Day 25: ST-2 drilled 142 m to 1,242 m, building inclination to 22°. A wiper trip showed the hole in good condition. Plan is to build to 88° before casing and the horizontal section.
25 Aug 2025drilling progress report▲ GoodMajor
Drilling resumed 22 August as sidetrack ST-2 after Lakes and the contractor agreed added redundancy against mud circulation failures. Contractor accepted a fixed-price arrangement to finish the well. Now at 1,100 m, about 260 m above the Strzelecki target. Resolves the stoppage.
19 Aug 2025drilling progress report● Neutral
Day 18 of Wombat-5 sidetrack: still at 470 m with no progress. Lakes has the drilling contractor's report, is reviewing it with its experts and is in discussions with the contractor. Outcome to be advised.
18 Aug 2025drilling progress report▼ Bad
Day 17: free drillstring recovered and cement plug set back to about 470 m. Mud circulation failed again on Saturday; a remedy is being stress-tested. Drilling resumes only if Lakes' review finds the rig fit for purpose. Well is still far above target.
15 Aug 2025drilling progress report● Neutral
Re-lodgement of the 14 August update: assembly stuck at about 1,088 m after loss of mud suction, with retrieval and another cement plug planned. Same content, no new information.
14 Aug 2025drilling progress report▼ Bad
Day 13: mud pump suction was lost and the drilling assembly is stuck at about 1,088 m after jarring failed. The drillstring will be severed and retrieved, then another cement plug set to kick off around it. Insurance covers most of the lost string.
12 Aug 2025drilling progress report● Neutral
Re-lodgement of the 11 August update: sidetrack ST-1 drilling at 1,078 m after a cement plug and wrong-direction kick-off. Same content, no new information.
11 Aug 2025drilling progress report▼ Bad
Day 10: failed directional tools kicked the well off in the wrong direction, so Lakes set a cement plug and sidetracked (ST-1) from 1,050 m. It is now drilling at 1,078 m on the intended path, with a setback on the original hole.
8 Aug 2025drilling progress report▼ Bad
Day 6 of Wombat-5: the directional tool was pulled after a survey tool fault, and depth is shown as 1,036 m. The tool is being run back in to resume the kick-off. The first operational problem.
