Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 July 2009capital raising announcement● Neutral
Patersons Securities will underwrite the first $3m (300 million shares) of the roughly $11m rights issue, for a 5% commission. It can withdraw if the market index falls 10% or more. Maximum possible holding is 6.7%.
16 July 2009capital raising announcement● NeutralMajor
Lakes launches a 1-for-4 non-renounceable rights issue at 1 cent, raising about $11m if fully subscribed, closing 21 August. Funds are for Wombat-4, now revived with a rig secured for early September, subject to approvals. Reverses the May deferral.
16 July 2009capital raising announcement● Neutral
Formal notice of the 1-for-4 rights issue at 1 cent, up to 1,115,523,846 new shares and about $11m. Non-participating holders will be diluted. Not underwritten at this stage. Repeats the 16 July letter.
1 July 2009resource reserve update▲ GoodMajor
Wombat-2 re-frac succeeded: flow initially estimated at 4.3 million cubic feet a day, stabilising at 1.35 million versus 680,000 before. Gaffney Cline puts Greater Trifon 2C contingent resource at 390 bcf, lifting the Trifon plus Wombat 2C total to 683 bcf.
25 June 2009investor presentation● Neutral
Conference presentation on Lakes' tight gas story, repeating known Wombat well results, the 1.635 tcf gas-in-place total and over $40m spent. No new results or figures.
22 June 2009drilling progress report● Neutral
Oil keeps flowing into Wombat-3 but gas and water from the upper zone impede measurement, so operations are suspended pending production tubing. Wombat-2 re-frac is due within two days, adding 180,000 lbs of proppant. North Seaspray-3 clean-out begins.
19 June 2009well test result▲ GoodMajor
Oil is flowing into Wombat-3 from the 2,106m zone after 50m of frac sand was cleared. Lakes calls it the first non-biodegraded oil flow from the Strzelecki Group in the Gippsland Basin. The flow rate is not yet measured.
19 June 2009capital raising announcement● NeutralMajor
Lakes placed 200 million shares at 0.5 cent through Patersons Securities to raise $1m before brokerage. Funds go to the current workovers at Wombat-3, North Seaspray-3 and Wombat-2. First raising since the April 2008 $5.2m share plan at the same price.
What it means for a shareholder
200m new shares at A$0.005 to raise about A$1.0m. That's 4.5% dilution: every existing holder's slice gets 4.5% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.00469% to 0.00448% of the company. To keep it you'd need 9,385 more shares - about A$47 at the issue price.
Create a free account to see this worked out for your own holding.
10 June 2009drilling progress report● Neutral
Coiled tubing equipment has arrived at Wombat-3 to start the workover program. Frac equipment for Wombat-2 is due around 20 June to lift flow from the current 680,000 cubic feet per day. No new results yet.
12 May 2009drilling scheduled▼ BadMajor
Lakes defers Wombat-4, previously planned for early 2009, because of high rig-mobilisation costs, hoping costs normalise within 12 months. It will instead re-enter Wombat-2, Wombat-3 and North Seaspray-3. Cape Energy talks continue at a subdued rate.
3 Apr 2009price query● Neutral
ASX queried the rise in the share price from 0.3c to 0.5c. Lakes says it knows of no undisclosed news, pointing to market interest in unconventional gas and its Oct 2008 293 bcf 2C figure. It cites about $6m cash and liquid assets and a market value near $16m.
6 Mar 2009half year report● Neutral
Half-year to 31 Dec 2008: loss of $1,488,814. Cape Energy merger terms sheet confirmed dropped, talks continue on alternatives. Wombat-4 now planned mid-to-late 2009 (earlier: early 2009), subject to rig and funding; flow tests and fracturing of existing wells planned first half 2009.
29 Jan 2009material agreement termination▼ BadMajor
Lakes and Cape Energy are not proceeding with the July 2008 non-binding terms sheet, citing the global financial crisis. Talks continue on jointly developing Wombat and Golden Beach in some other way. Ends the merger plan announced in July.
22 Dec 2008business combination▼ Bad
Lakes says the global slowdown has hurt the values expected for the Cape Energy merger. Due diligence is complete and talks continue, with further advice expected early in the new year.
25 Nov 2008investor presentation● Neutral
AGM presentation repeating the Gaffney Cline Wombat figures (700 bcf P50 gas in place, 293 bcf 2C) and valuations. It adds other RL2 gas-in-place estimates totalling about 1.635 tcf plus the unquantified Baragwanath Anticline. No new results.
29 Oct 2008resource reserve update▲ GoodMajor
Gaffney Cline's independent assessment puts Wombat gas in place at 700 bcf (P50) and 2C contingent resource at 293 bcf. This is the first formal resource figure, updating the 535.4 bcf estimate of 2006. A separate valuation gives $50m-$88m for the 2C case; shares trade at 0.4c.
24 Oct 2008annual report● Neutral
Annual report: cash just over $7.2m, helped by the $5.2m share plan at 0.5c and about $3.5m profit on the Roma Petroleum stake. Wombat-4 slipped to late January or February 2009 on rig and approval delays. Golden Beach merger still pending a financier and shareholder vote.
30 Sept 2008annual report● Neutral
Statutory accounts for the year to 30 June 2008, with the same four directors and officers. The extract provided shows directors' details and shareholdings but no financial figures. The ASX code is printed as GER, apparently an error (inference).
22 Sept 2008admin correction● Neutral
Lakes moves its registered office from Level 11 to Level 14 of the same building, 500 Collins Street. Phone, fax and postal address are unchanged.
26 Aug 2008investor presentation● Neutral
Conference presentation on Lakes' tight gas strategy and onshore Gippsland, repeating known Wombat well results and the hydraulic fracturing method. No new results or figures.
26 Aug 2008investor presentation● Neutral
Chairman's letter forwards a magazine article. Lakes still awaits a rig for Wombat-4 and an engineering study of Wombat reserves; Cape Energy due diligence continues. The article says over $40m has been spent without commercial result, with 4.26 billion shares on issue.
29 July 2008business combination▲ GoodMajor
Lakes signs a non-binding terms sheet to merge with Cape Energy SA, owner of the offshore Golden Beach gas project near its Wombat and Trifon fields. Structure is shares and cash, keeping Lakes listed. A definitive agreement is targeted for mid-September 2008.
29 July 2008other● Neutral
ASX lifts the suspension of Lakes shares after the Cape Energy merger announcement. Administrative only.
24 July 2008other● Neutral
Lakes' shares are suspended at the company's request, following the 22 July trading halt, pending an announcement expected by 10am on 29 July. No reason is given in the text.
2 July 2008price query● Neutral
Asked by ASX why the shares rose from 0.7c to 0.9c, Lakes cites the Roma Petroleum stake (about 10.5%, valued near $5.2m under a takeover offer), the $5m share purchase plan, and a contingent reserves report due late July. It says no undisclosed information is imminent.
9 May 2008resource reserve update▲ GoodMajor
Letter says early 3D work shows updip Wombat potential 300 m above Wombat-2 over about 3.3 km, so gas in place may have risen. No new estimate is given; the July 2006 figure was 535.4 bcf. Wombat-4 depends on the capital raising. Chairman warns low market value leaves Lakes open to takeover.
9 May 2008admin correction● Neutral
Corrects flow rate units in the Wombat letter: Wombat-2 initially flowed 1.2 mcf and later 680,000 mcf, not 'mmcf'. Typographical fix only.
8 May 2008material agreement● Neutral
Greenearth's own release of the Greenpower co-ordination agreement for shared drilling and data costs. Repeats the Greenpower announcement, modelled on the Lakes agreement.
7 May 2008material agreement● Neutral
Greenpower Energy, a coal-seam gas explorer, signs a co-ordination agreement with Greenearth to share drilling and data costs, modelled on Greenearth's agreement with Lakes. Its Gippsland permits overlap Greenearth's. Affects Lakes only indirectly.
1 May 2008resource reserve update▲ GoodMajor
Preliminary 3D seismic interpretation suggests earlier Wombat wells sit well down-dip of a Strzelecki high, with several new drilling targets outlined. Lakes wants to drill soon, with rig timing subject to the share purchase plan. Preliminary, not a volume booking.
