15 Aug 2025drilling progress report● Neutral
Re-lodgement of the 14 August update: assembly stuck at about 1,088 m after loss of mud suction, with retrieval and another cement plug planned. Same content, no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Aug 2025drilling progress report▼ Bad
Day 13: mud pump suction was lost and the drilling assembly is stuck at about 1,088 m after jarring failed. The drillstring will be severed and retrieved, then another cement plug set to kick off around it. Insurance covers most of the lost string.
12 Aug 2025drilling progress report● Neutral
Re-lodgement of the 11 August update: sidetrack ST-1 drilling at 1,078 m after a cement plug and wrong-direction kick-off. Same content, no new information.
11 Aug 2025drilling progress report▼ Bad
Day 10: failed directional tools kicked the well off in the wrong direction, so Lakes set a cement plug and sidetracked (ST-1) from 1,050 m. It is now drilling at 1,078 m on the intended path, with a setback on the original hole.
8 Aug 2025drilling progress report▼ Bad
Day 6 of Wombat-5: the directional tool was pulled after a survey tool fault, and depth is shown as 1,036 m. The tool is being run back in to resume the kick-off. The first operational problem.
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.
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 2025quarterly activities report● Neutral
June 2025 quarter: closing cash $2.6m before tranche one placement money received after quarter-end; tranche two needs shareholder approval. Wombat-5 on track for 31 July, with earthworks done 23 July. Portland drilling targeted Q2 2026; Nangwarry feasibility study agreed with Maison.
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.
30 Apr 2025quarterly activities report● Neutral
March 2025 quarter: $1.48m spent on operations, closing cash $3.55m. Wombat-5 approval now hoped for mid to late May, later than April. Condor Rig #1 signed with $350k deposit after the Schlumberger rig fell through, holding the July slot. Shares still suspended.
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.