9 Jan 2008drilling progress report● Neutral
Napier High-1 has started drilling in PEP 158, with Alberton-1 to be re-entered afterwards and drilled to 1,200 m. The first onshore Gippsland 3D seismic over Wombat is due to start 23 January.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2007capital raising announcement● Neutral
Chairman's reminder to Lakes holders that the Greenearth priority offer (30 cents a share, minimum $2,100) closes 14 December 2007. Lakes says it remains focused on petroleum exploration. Administrative.
30 Nov 2007investor presentation● Neutral
AGM presentation repeats known plans: Napier High-1 now, Alberton-1 re-entry in January 2008, a 30 sq km Wombat 3D survey costing an estimated $1.6m, and Wombat-4 in Q2 2008. No new results.
20 Nov 2007drilling progress report● Neutral
Drilltec is on site at Napier High-1 (PEP 158) drilling the top hole, with the rig due by month-end; the well targets about 1,000 m. Alberton-1 re-entry follows. The Wombat 3D seismic is now set for January 2008 and Wombat-4 slips to Q2 2008.
16 Nov 2007capital raising announcement● Neutral
Chairman's letter sends Lakes holders their priority form for the Greenearth IPO ($8m reserved, offer closes 14 December 2007). Repeats the prospectus facts and the cost-sharing agreement; no new information.
5 Nov 2007capital raising announcement● Neutral
Victoria Petroleum restates the Greenearth IPO: $15m at 30 cents a share (minimum $10m), with $8m priority for Lakes and Victoria Petroleum holders at the 12 November record date. Greenearth has spent about $1.8m on heat data since its May 2007 permits.
2 Nov 2007capital raising announcement● NeutralMajor
Greenearth Energy lodges a prospectus for a $15m IPO (minimum $10m, up to $5m oversubscriptions), with $8m priority for Lakes and Victoria Petroleum shareholders. Closes 14 December 2007. Lakes signed an agreement to share drilling and data costs.
31 Oct 2007quarterly activities report● Neutral
Quarter to 30 September 2007 reports the rights issue closing with $3,893,882 raised. Alberton-1 is suspended at 270 m, Napier High-1 is to be drilled first when the new rig arrives in early November, and a 3D seismic survey is planned for early 2008.
26 Oct 2007other● NeutralMajor
Lakes sues Century Energy Services in the Queensland Supreme Court for $1,091,297 over the Boola Boola-2 stuck drill string, blaming the mud pumps running out of fuel. It is also defending Century's $244,072 claim for fees.
26 Oct 2007annual report● Neutral
2007 annual report calls the year mixed. It reports PRL 2 and 3 granted, PEP 166 interest raised from 50% to 75%, and Boola Boola-2 failing. It lists Alberton-1 biodegraded oil, the plan for 3D seismic and Wombat-4, and a Greenearth float.
18 Oct 2007material agreement● Neutral
Greenearth Energy, one-third owned by Lakes, signs a non-binding MOU with RMIT to develop a plan for geothermal technologies, including electricity and heating. It may seek government grants. Early-stage.
10 Oct 2007capital raising announcement▼ BadMajor
Rights issue closed with about $3.84m of applications, well short of the $9.34m maximum; the shortfall can be placed at not less than 1 cent. Lakes scales back: it will shoot 3D seismic over Wombat and Steele and drill Wombat-4 around end Q1 2008 rather than rework old Wombat wells.
9 Oct 2007drilling progress report● Neutral
Alberton-1 core analyses remain confusing, from biodegraded oil to carbon only. The well stopped at 270 m because of the unsuitable rig, and Napier High-1 may now be drilled first. The new rig is expected in November.
2 Oct 2007capital raising announcement● Neutral
Directors allot 303,702,582 rights issue shares at 1 cent, from 1,671 shareholders, about $3.04m. Further shares will be allotted progressively.
20 Sept 2007capital raising announcement● Neutral
The closing date of the 1-for-3 rights issue at 1 cent per share was extended 14 days to 5 October 2007. More than $2.1m had been received so far, and the share price was 1.1 cents on 19 September.
10 Sept 2007director officer appointment● Neutral
Lakes and Victoria Petroleum, each holding a third of Greenearth Energy, announce Simon Molesworth AM QC as Greenearth's non-executive chairman. Greenearth is working towards a public float later in the year.
7 Sept 2007capital raising announcement● Neutral
Supplementary prospectus: Tolhurst will place up to $2m of shares at 1 cent, less shares taken up in the rights issue, for a $100,000 fee. Tolhurst can terminate if the Small Ordinaries index falls 10% or more.
22 Aug 2007other● Neutral
Only a sample shareholder mailing address block with no readable content. Text not readable.
20 Aug 2007capital raising announcement● NeutralMajor
Lakes launches a 1-for-3 non-renounceable rights issue at 1 cent, raising up to $9,340,868 if fully subscribed. Funds go to finishing Alberton-1, drilling Napier High-1 and Wombat-4, fracturing older wells, and working capital to June 2008. The price is below the 1.2c placement.
15 Aug 2007drilling progress report● Neutral
Alberton-1 is cased at 258 m and drilling has stopped because the rig is unsuitable; Drilltec's new rig is expected in 6–8 weeks. About 73 net metres of sand with apparent bio-degraded oil were seen, but lab results are inconclusive.
13 Aug 2007investor presentation● Neutral
Chairman's presentation repeats the tight gas strategy: finish the four-well programme, then fracture Wombat wells. Modelled Wombat-2 rates are 2 million cf/d initial after a 600 ft frac. Estimates $3–4m cost per well and $8.06m cumulative revenue over five years. No new results.
13 Aug 2007investor presentation● Neutral
Second part of the August presentation covers Greenearth Energy's geothermal permits and the Trifon-2 well, which flowed about 90°C water. Notes Alberton-1 is being drilled. Repeats known facts.
8 Aug 2007other● Neutral
Shareholder letter to accompany a DVD and newsletter. Says PetroHunter failed to provide its first US$10m, that the 1.2c placement and February plan funded the four-well programme, and restates the tight gas strategy of fracturing Wombat wells. Repeats known facts.
24 July 2007quarterly activities report● Neutral
Quarter to 30 June 2007 confirms the PetroHunter deal was terminated when settlement was not made by 20 May, with renegotiation possible. Lakes earned 75% of PEP 166 after Hazelwood-1 and Boola Boola-2, which showed over-heated source rock and poor reservoir. Alberton-1 began 17 July.
24 July 2007drilling result▲ Good
Alberton-1 in PEP 158 cored loose Latrobe sand at 109–112.57 m showing what appears to be bio-degraded oil, with a faint odour and moderate cut. Lab testing follows; Wombat-3 is to be reopened for testing next week. Shallow shows only, not a discovery.
18 July 2007drilling spud● NeutralMajor
Alberton-1 in PEP 158 began drilling on 17 July 2007 and was at 11 m, setting surface casing. Coring is planned from about 110 m. This is the third well of the four-well programme.
2 July 2007drilling result▼ BadMajor
Boola Boola-2 stopped at 1,887 m when the drill string stuck, after mud pumps ran out of fuel. The lower string was severed for logging, and the well may be re-entered later. Lakes has earned its extra 25%, reaching 75% of PEP 166. The rig moves to Alberton-1.
25 June 2007drilling progress report● Neutral
Boola Boola-2 is at 1,821 m, deepened to find a permeable reservoir and good source rock. Greenearth has agreed to meet some of the deepening costs for geothermal data. No hydrocarbon results yet.
19 June 2007drilling progress report● Neutral
Boola Boola-2 passed its planned 1,500 m depth, reaching 1,509 m, and the well will be extended to 1,700 m. No results reported.
18 June 2007drilling progress report● Neutral
Boola Boola-2 is at 1,444 m and drilling ahead. No new results.