7 Aug 2025drilling progress report● Neutral
Day 5 of Wombat-5: reached the 1,099 m kick-off point and is running back to bottom after a wiper trip. Planned 7 inch casing point is now about 1,548 m.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Aug 2025drilling progress report● Neutral
Day 4 of Wombat-5: 920 m, drilling vertically through the Latrobe Group, with 558 m in 24 hours. Next is kicking off near 1,100 m and building to 88° at about 1,392 m.
6 Aug 2025admin correction● Neutral
Lakes re-lodges the 1 August spud announcement with revised resource disclosures for ASX Chapter 5 rules, now fully set out in end notes. Resource figures (329 Bcf, 719 Bcf combined) are unchanged.
5 Aug 2025drilling progress report● Neutral
Re-lodgement of the 4 August Wombat-5 update: day 3, 362 m, 9-5/8 inch casing cemented. Same content, no new information.
4 Aug 2025capital raising announcement● Neutral
Closing date of the 4 July cleansing prospectus offer is extended from 5 August to 5 November 2025 to allow secondary trading of placement shares. Administrative; raises no meaningful money.
4 Aug 2025drilling progress report● Neutral
Day 3 of Wombat-5: 9-5/8 inch casing cemented at 302 m with full returns, the blowout preventer tested, and the hole drilled to 362 m. No problems reported.
1 Aug 2025drilling spud▲ GoodMajor
Wombat-5 spudded at 6am on 1 August 2025, the first Lakes well here since the 2013 drilling ban. It is a horizontal well to about 3,050 m, with drilling and completion expected to take about four weeks, then a production test.
30 July 2025other▲ Good
Chairman's address to the general meeting: Wombat-5 spud is scheduled for midday 31 July. He calls it the likely key to unlocking value, with a 20 PJ/a objective. Recaps the $6.5m raise and trading resumption; no new facts.
30 July 2025investor presentation● Neutral
General meeting presentation repeating known points: Wombat-5 at ~10 TJ/d potential, 329 Bcf Wombat resource, and next steps in Nangwarry CO2, an ATP 1183 farm-in and Portland approvals. Text is truncated; no new information evident.
21 July 2025drilling scheduled▲ Good
First rig containers arrived 20 July, so rig establishment has begun and Wombat-5 stays on track to spud 31 July. Gives the flow-rate case: low 1.5, central 10, high 15 MMscfd, based on earlier Wombat-2 and Wombat-3 results. Text is truncated.
17 July 2025material agreement▲ GoodMajor
Binding Heads of Agreement with Beijing Maison Group: Maison will fully fund a feasibility study for a 150-200 T/day food-grade CO2 plant at Nangwarry (26 Bcf certified; Lakes 50%, Vintage 50%). Plant could operate in first half 2027 if the study is favourable.
16 July 2025drilling scheduled▲ Good
Site works at the 100%-owned Wombat field are on schedule, with well cellar, mud pond, flare pit and access road in place. Wombat-5 drilling is set for 31 July 2025 after all approvals; it targets up to 10 TJ/day.
9 July 2025regulatory community update▲ GoodMajor
All conditions on the Minister's consent are met after Lakes lodged a bank guarantee for the $898,500 Wombat-5 rehabilitation bond. Rig #1 is on track for mid-July mobilisation, with spud on 31 July 2025. The Wombat-5 approval thread is resolved.
7 July 2025investor presentation▲ Good
Post-reinstatement update: trading resumed 4 July, Wombat-5 drilling is scheduled for 31 July with earthworks under way since 26 June, and the rig mobilises around 15 July. Repeats the 329 Bcf Wombat and 719 PJ combined resource figures and the $9.4m pro forma cash.
4 July 2025listing compliance notice● Neutral
Disclosure notice required for reinstatement. Confirms the placement terms, DEECA approval of the Wombat-5 Operation Plan, and 66,764,372 shares on issue after tranche one. Up to 3,950,000 director options at $1.50 are proposed, subject to shareholder approval.
4 July 2025listing compliance notice▲ GoodMajor
ASX lifted the suspension, with trading resuming 4 July 2025. This ends the suspension that began 2 October 2023 and resolves the main open listing thread, ahead of the ASX's long-term suspension deadlines.
4 July 2025capital raising announcement● Neutral
Cleansing prospectus for up to 1,000 shares at $0.75, lodged 4 July 2025 to remove on-sale restrictions on shares issued in the placement. Administrative; raises only about $750.
What it means for a shareholder
1,000 new shares at A$0.750 to raise about A$750. That's 0.0017% dilution: every existing holder's slice gets 0.0017% smaller. If you held A$1,000 of shares (1,333 at the issue price), your slice goes from 0.00227% to 0.00227% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
Create a free account to see this worked out for your own holding.
4 July 2025capital raising announcement● Neutral
Duplicate lodgement of the 4 July 2025 cleansing prospectus for up to 1,000 shares at $0.75. Administrative, with no new information.
What it means for a shareholder
1,000 new shares at A$0.750 to raise about A$750. That's 0.0017% dilution: every existing holder's slice gets 0.0017% smaller. If you held A$1,000 of shares (1,333 at the issue price), your slice goes from 0.00227% to 0.00227% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
Create a free account to see this worked out for your own holding.
18 June 2025admin correction● Neutral
Correction to the 17 June placement presentation: a map wrongly showed Lakes with 57.5% of Trifon-Gangell. Lakes owns 100%. An updated presentation is attached; no other change is stated.
17 June 2025capital raising announcement▲ GoodMajor
Underwritten placement of 8,663,667 shares at $0.75 to raise $6,497,750, a 25% discount to the last trade price of $1.00 before the October 2023 suspension. Tranche one is issued after reinstatement; tranche two needs a shareholder vote. Pro forma cash is about $9.4m. Directors take up to $636,024 in lieu of owed fees.
16 June 2025regulatory community update▲ GoodMajor
Victorian Minister consented to drill Wombat-5 at PRL 2, subject to rehabilitation bonds. Stage 1 bond is paid; Stage 2 bond hoped to be agreed by 30 June. Condor rig mobilises week of 14 July, spud about 21 July. Well budget is now $7.5m, up from about $5.5m.
9 Apr 2025listing compliance notice● Neutral
ASX's 9 April 2025 long-term suspended list includes Lakes Blue Energy (LKO). The visible text is truncated before Lakes' row, so its deadlines cannot be confirmed here. Routine update to earlier lists.
14 Mar 2025half year report● Neutral
Half-year to 31 December 2024: loss of $499,290 (prior period $541,443). Wombat-5 now costed at around $5.5m, with approval expected in April 2025, later than the March hoped for in the January quarterly. Lakes is now under Sleeman as Chairman and Ash as CEO.
28 Jan 2025listing compliance notice▼ Bad
Lakes answered an ASX query over late director interest notices for Sleeman and Mather, lodged in January 2025 for changes in 2024. It blamed administrative oversights, said there was no active trading, and called the lapses isolated incidents.
22 Jan 2025listing compliance notice● Neutral
ASX's updated long-term suspended list includes Lakes Blue Energy. Its 1-year deadline appears as 15 March 2025 and its 2-year deadline as 30 September 2025 per the table, though the layout is hard to read. Routine update to earlier lists.
13 Jan 2025asset acquisition disposition▲ GoodMajor
The final $3.5m of the PEP 169 sale was received on 10 January 2025, bringing total proceeds to $6.5m. Lakes keeps a royalty of about 4% of wellhead value. This resolves the deferred payment; focus now turns to drilling Wombat-5.
12 Dec 2024investor presentation● Neutral
Replacement of the 9 December AGM presentation; the visible content is the same strategy and 719 Bcf resource figures, with only formatting changes apparent. No new information evident.
9 Dec 2024other● Neutral
Chairman's AGM address says Wombat-5, the first Victorian well since 2013, is hoped to drill by the end of the financial year, subject to rig and approvals. A second round of responses to ASX on relisting was lodged; the ASX's reply on timing is awaited.
9 Dec 2024investor presentation● Neutral
AGM presentation restates the strategy after the PEP 169 sale ($6.5m plus royalty): get approval for and drill Wombat-5, develop Wombat, pursue the Portland project and Queensland prospects. Repeats the 719 Bcf contingent resource figure already known.
6 Nov 2024other● Neutral
Board adopted a new Securities Trading Policy on 5 November 2024, setting rules on directors' and employees' dealing in company shares and insider trading. Governance document only, with no new business information.