Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 May 2012drilling result● NeutralMajor
Moreys-1 found tight gas and condensate in the Eumeralla Formation (DST#2 flowed gas to surface then faded), but the Waarre C primary target appears tight. Armour has earned its 51% of PEP 169. Holdgate-1 is to spud around 20 May.
10 May 2012drilling result● Neutral
Armour's version of the Moreys-1 result: DST#2 flowed gas for about 3 hours with condensate recovered, and the primary Waarre C appears tight. Armour has completed its $2.5m spend and earned 51% of PEP 169. Duplicates Lakes' announcement.
8 May 2012drilling progress report● Neutral
After assessing electric logs, Lakes will re-test the 1987-2005m interval in Moreys-1, which reached 2300m total depth.
8 May 2012drilling progress report● Neutral
Armour's re-release of the news that, after assessing logs, Lakes will re-test the 1987-2005m interval at Moreys-1. Duplicates Lakes' own announcement.
7 May 2012drilling progress report● Neutral
Moreys-1 reached total depth of 2300m; electric logs are being run and re-testing of 1987-2005m will be reassessed after evaluation.
7 May 2012drilling progress report● Neutral
Armour's re-release of the news that Moreys-1 reached total depth of 2300m, with logging next and re-testing of 1987-2005m to be reassessed. Duplicates Lakes' own announcement.
4 May 2012well test result● Neutral
Drill stem test 1 at Moreys-1 (1987-2005m) failed as the testing tool blocked, so no result. Drilling continues, with a possible re-test after logging.
3 May 2012drilling progress report● Neutral
Moreys-1 reached 2005m; a drill stem test is planned over 1989-1997m. No result yet.
2 May 2012drilling progress report▼ Bad
Moreys-1 at 1908m has passed through the Waarre C and B sands with no significant gas readings, a poor sign for the primary target. Drilling continues to test the Eumeralla Formation.
1 May 2012drilling progress report● Neutral
Moreys-1 at 1783m hit the Flaxmans Formation at 1760m, 11m low to prognosis, with rising background gas. Drilling on towards the Waarre C primary target.
30 Apr 2012quarterly activities report● Neutral
March quarter report: Mather and Stubbs joined the board on 1 Feb 2012 and Moreys-1 spudded. Beach fracturing of Wombat-4 and Boundary Creek-2 slips again, now mid-2012. Holdgate-1 is planned for Q2 2012 subject to a rig and approvals.
30 Apr 2012drilling progress report● Neutral
Moreys-1 was at 1570m, drilling ahead towards the 1740m target interval. No new result.
26 Apr 2012drilling progress report● Neutral
Moreys-1 was at 735m, drilling ahead towards the first target at 1740m. No results yet.
20 Apr 2012drilling spud● NeutralMajor
Moreys-1 in PEP 169, Otway Basin, was spudded on 20 April 2012, the first well under the Armour deal. Armour funds the $2.5m cost to earn 51%; the primary target at ~1740m is expected in about 10 days.
12 Apr 2012drilling scheduled▲ Good
Lakes and Armour plan to spud Moreys-1 in PEP 169 on 18 April 2012 with the rig on site; target depth 2000m, Waarre C at ~1740m. Armour funds the $2.5m well to earn 51%. Success could bring early cash flow, subject to gas sales agreements.
30 Mar 2012regulatory community update▲ Good
Subsidiary Commonwealth Mining was granted exploration licence EL5394 in the northern Latrobe Valley, to explore for coal and mineral sands. This is a result of the licence applications lodged in March 2011.
15 Mar 2012half year report● Neutral
Half-year to 31 Dec 2011 loss was $1,480,603, versus $1,566,113 a year earlier. Reports the Armour placement and option; Mather and Stubbs are directors from 1 Feb 2012. Fracturing of two PRL 2 wells still planned for 2012.
14 Mar 2012investor presentation● Neutral
General meeting presentation on the Armour-funded Moreys-1 well in PEP 169 (46 Bcf P50 recoverable, Hunt Rig 2 on site) and PEP 166/PRL 2 tight gas. Repeats Wombat-4 3.7 mmscfd estimate. Largely known facts.
7 Feb 2012director officer appointment● NeutralMajor
Nick Mather and Bill Stubbs, Armour-linked nominees under the December 2011 agreement, joined the Lakes board. Both also hold roles at DGR Global, Armour's parent. Annells remains chairman. Fulfils one of the Armour deal conditions.
31 Jan 2012quarterly activities report● Neutral
December quarter report: Armour subscribed 900m shares at 0.25c ($2.25m) and will nominate two directors. Wombat-4 and Boundary Creek-2 fracturing now expected February/March 2012. PRL 3 land access is before the Victorian tribunal. Mostly repeats the Armour terms.
20 Dec 2011joint venture update▲ Good
Beach signed a services contract with BJ Services for fracturing on Boundary Creek-2 and Wombat-4, with work expected to start at Boundary Creek-2 in January 2012. This firms up the long-delayed fracturing. Restates Beach can earn 33.3% for up to $33.5m and Somerton 16.7% for up to $16.5m.
5 Dec 2011farm in farm out agreement▲ Good
DGR Global says its subsidiary Armour Energy will buy 900m Lakes shares at 0.25c ($2.25m, 15%) and farm in to PEP 169 (Moreys well, 51%) and PEP 166 (up to $9m, 51%). Armour also gets a $30m PRL 2 option. Repeats Lakes' own 5 Dec terms; Armour's work starts end March 2012.
5 Dec 2011farm in farm out agreement▲ GoodMajor
Armour Energy agreed, subject to due diligence, to subscribe 900m shares at 0.25c ($2.25m), fund a Morey well to earn 51% of PEP 169, and earn 51% of PEP 166 by spending up to $9m. It gets a $30m, 3-year PRL 2 option and two board nominees.
30 Nov 2011investor presentation● Neutral
Chairman's AGM presentation says Lakes has invested over $50m in Gippsland tight gas. It repeats Wombat 787 Bscf, Trifon 492 Bscf and Gangell 405 Bscf gas in place, and a Wombat-4 estimate of about 3.7 mmscfd after fracturing. Largely known facts.
31 Oct 2011quarterly activities report▲ GoodMajor
September quarter report: a Gaffney Cline assessment puts the Baragwanath Anticline's prospective gas in place at about 2.3 TCF (P50) across PEP 166 and PRL 2. Wombat-4 and Boundary Creek-2 fracturing now expected December 2011 or January 2012. PEP 164 relinquishment is noted.
31 Oct 2011annual report● Neutral
Annual report with chairman's letter citing difficulty raising capital and Beach's equipment delays to the Stage 1 farm-in work ($10m for up to 15%). Highlights the Yallourn North 1A core hole's oil shows, a planned follow-up core hole, and talks with a possible Holdgate-1 farminee.
30 Sept 2011annual report● Neutral
2011 statutory annual report for the year to 30 June 2011, with directors' report and accounts. The excerpt is truncated and gives no financial figures. Board unchanged: Annells, Berold, Lawrence and Syme, with Leslie Smith as CFO and secretary.
29 July 2011quarterly activities report● Neutral
June quarter report: SPP raised $1.56m at 0.5c. Wombat-2 pressure analysis shows the fracture system extends about 90-120 ft and connects to the well. Wombat-4 fracturing slips again, now to Q4 2011 on equipment demand. Mostly repeats known facts.
20 July 2011asset acquisition disposition▼ BadMajor
Lakes relinquished its PEP 164 permit in the Otway Basin, citing risks to prospectivity including hydrocarbon maturation, timing of expulsion and trap formation and breaching. This ends the permit's commitment well obligation, which had been planned for Q4 2010.
18 July 2011resource reserve update● Neutral
Lakes reminds shareholders of its Gippsland gas, with Wombat-4 fracturing by Beach and Somerton now expected in Q4 2011. Restates 1,709 Bscf gas-in-place (Wombat 787 Bscf) and plans an outside assessment of undiscovered gas. Also plans a further core hole to the south.
