Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Oct 2008quarterly activities report▼ Bad
September quarter: Wombat-4 now planned for early 2009 depending on rig. VIC/P47 was relinquished. The Cape Energy merger remains subject to finance, and Lakes warns of possible delays or that it may not proceed.
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.
31 July 2008quarterly activities report● Neutral
June quarter: Cape Energy merger terms sheet noted; Wombat 3D interpretation finished, Wombat-4 planned within six months subject to rig; PEP 166 and PEP 163 renewed for five years; independent Wombat resource review due in about 10 weeks; PEP 158 retention lease applied for.
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.
30 Apr 2008quarterly activities report● Neutral
March quarter: the 0.5-cent share purchase plan was announced; Wombat processing is due by end April with Wombat-4 planned mid-2008; Lakes is preparing a 15-year PEP 158 retention lease application. Napier High-1 stays suspended until the lease is granted.
23 Apr 2008capital raising announcement● NeutralMajor
Share purchase plan: existing holders may buy up to 1 million shares ($5,000) at 0.5 cents, about a 17% discount, closing 23 May 2008. This is half the 1-cent rights issue price. The chairman's letter says the Gippsland program has been a constant drain on shareholders.
What it means for a shareholder
1.0m new shares at A$0.005 to raise about A$5,000. That's 0.0311% dilution: every existing holder's slice gets 0.0311% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.00622% to 0.00622% of the company. To keep it you'd need 62 more shares - about A$0 at the issue price.
Create a free account to see this worked out for your own holding.
14 Mar 2008half year report▼ Bad
Half-year to 31 December 2007: loss of $3,405,791. Greenearth listed 4 February 2008 and Lakes with related parties holds 22.07%. The Century litigation continues. Wombat-4 is now planned mid-2008, depending on rig and funding.
29 Feb 2008drilling result● NeutralMajor
Alberton-1 reached 998 m and was plugged and abandoned 22 February. Logs suggest hydrocarbons below 700 m, hinting at tight gas. Napier High-1 is abandoned for now until a retention lease is granted. Wombat 3D shoot is complete, with processing due in 4–5 weeks.
18 Feb 2008admin correction● Neutral
Corrects the Poolowanna announcement: the 25 million consideration shares have a nominal value of 1 cent, not 0.1 cent.
15 Feb 2008asset acquisition disposition● NeutralMajor
Lakes buys Poolowanna Petroleum, whose only asset is Northern Territory permit EP 142, for 25 million shares. Two earlier wells there had oil shows. Lakes will review past wells and study the permit. This is a new area for the company.
4 Feb 2008drilling progress report● Neutral
Moving sands at Napier High-1 prompt Lakes to move the rig to Alberton-1 and deepen it to 1,000 m, while a deeper surface casing is installed at Napier. Alberton-1 had found highly biodegraded oil above the volcanics.
30 Jan 2008quarterly activities report● Neutral
December quarter: Napier High-1 was at 121 m, Wombat 3D shooting is scheduled to finish by end January, and Wombat-4 is planned for mid-2008. PEP 166 faces a 50% relinquishment at the end of its first term. No major new results.
23 Jan 2008asset acquisition disposition▲ GoodMajor
Lakes has acquired Otway Basin exploration permit PEP 169, north of Port Campbell and next to a producing gas field, from Sweetpea Petroleum, a PetroHunter subsidiary. No price is given.
21 Jan 2008capital raising announcement▲ GoodMajor
Greenearth Energy's IPO closed with commitments meeting the $10 million minimum. Allotment was expected on 24 January 2008 and ASX listing in early February, and Lakes said it backed Greenearth's formation and capital raising.
