Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Feb 2022drilling progress report● Neutral
Daily report 6: Wellesley-2 drilled to 1,650 m. Boxvale Sands top was at 1,521 m, 13 m deeper than predicted, with 9 m of sand and elevated gas shows. Logging and a drill stem test come next. No flow result yet.
15 Feb 2022drilling result● NeutralMajor
Wellesley-2 intersected the Boxvale target, which was thinner and finer-grained than predicted, with gas shows about 3 times background. Gas shows are in drill cuttings and not proof of flow. A straddle test after drilling to total depth will assess flow potential.
15 Feb 2022drilling progress report● Neutral
Daily report 5: well at 1,475 m, just above the predicted reservoir. A wiper trip comes before drilling the Boxvale Sands, predicted near 1,508 m. Any significant gas shows will be tested at total depth.
14 Feb 2022drilling progress report● Neutral
Daily report 4: well at 1,201 m, in the Walloon Coal Measures, with the Boxvale target about 300 m deeper. A wiper trip is planned before the reservoir section. No results yet.
14 Feb 2022drilling progress report● Neutral
Daily report 3: well drilled ahead to 739 m after a successful formation integrity test. Target is still about 770 m deeper. No results yet.
14 Feb 2022drilling progress report● Neutral
Daily report 2: surface casing cemented at 267 m and blow-out preventer pressure tested; drilling assembly run in. No new depth or results.
11 Feb 2022drilling progress report● Neutral
Daily report 1: Wellesley-2 reached 267 m in 12-1/4 inch hole, with surface casing about to be run. Target Boxvale Sandstone expected near 1,508 m. No results yet.
10 Feb 2022drilling spud● NeutralMajor
Wellesley-2 spudded at 10.00am on 10 February 2022 in ATP 1183 (100% Lakes), later than the January 2022 spud first planned. The roughly $1.6m vertical well targets a 41 Bcf best-estimate prospective resource, with drilling and testing expected to take 10 to 14 days.
1 Feb 2022drilling scheduled▲ Good
Wellesley-2 earthworks complete and Easternwell Rig 101 mobilising, with spud expected 7 February 2022. The roughly $1.6m, 1650m vertical well targets a 41 Bcf best-estimate prospective resource in ATP 1183 (100%). Drilling and testing should take 10 to 14 days.
5 Jan 2022drilling scheduled▲ GoodMajor
Earthworks began 29 December 2021 for Wellesley-2 in Queensland (ATP 1183, 100%), meeting one ASX condition. Spud is planned for January 2022, at about $1.6m cost, targeting a 41 Bcf prospective resource. Drilling and testing should take 10 to 14 days.
12 July 2021resource reserve update▲ GoodMajor
Nangwarry best-case saleable CO2 resource confirmed at 25.9 Bcf gross (12.9 net), a slight rise from 25.1 Bcf in August 2020. Well tested at up to 18.6 MMscfd against about 3 MMscfd needed for a 150 t/day plant. Licence upgraded to Retention on 5 May 2021.
5 Mar 2021drilling scheduled● Neutral
Nangwarry-1 extended test slips again, now to mid-March 2021, with equipment mobilising 10 March, on further COVID delays. Three weeks on site. Resource estimate unchanged: 12.6 Bscf net best case.
5 Feb 2021drilling scheduled● Neutral
Extended Nangwarry-1 production test, first planned for late 2020, is now set for mid-late February 2021 over three weeks. COVID restrictions on equipment and movement caused the delay. It aims to confirm the CO2 resource's quality, deliverability and size.
31 Aug 2020resource reserve update▲ Good
Lakes reports the ERCE estimate of Nangwarry recoverable CO2: best case 25.1 Bscf gross (12.5-12.6 net to Lakes), range 7.8-82.1. Same estimate as Vintage's release (ref 3). Flow test planned later in 2020 to confirm deliverability and size.
31 Aug 2020resource reserve update▲ GoodMajor
Vintage announces an independent (ERCE) best-case 25.1 Bcf gross recoverable CO2 for Nangwarry (low 7.8, high 82.1), 12.6 Bcf net to each 50% partner. Gas column now about 90 m, up from the 65 m advised earlier; roughly 90% CO2.
16 Jan 2020drilling result▼ BadMajor
Gas samples from Nangwarry-1 show 92% and 89% CO2, not the expected outcome, undermining the earlier gas-column result. Lakes points to the Caroline-1 CO2 operation as a precedent and will still case and suspend the well for flow testing.
15 Jan 2020drilling result▲ GoodMajor
Logging confirmed a minimum 65 m gas column at the top of the Pretty Hill at Nangwarry-1. The lower interval could not be logged definitively. The well will be cased and suspended for flow testing; gas quality awaits sample analysis.
2 Jan 2020drilling result● NeutralMajor
Nangwarry-1 reached 4,300 m. The secondary Sawpit target was intersected but was not gas-bearing. Two potential gas intervals, each about 140 m thick, were found in the primary Pretty Hill target; logging is under way.
23 Dec 2019drilling progress report● Neutral
Nangwarry-1 reached 3,450 m, drilling through the Pretty Hill Formation, first met at about 2,940 m. Elevated gas readings across 140 m need logging to assess significance. Second target Sawpit expected by week's end.
16 Dec 2019drilling progress report● Neutral
Nangwarry-1 is ahead of schedule, reaching intermediate casing point at 2,949 m. Logging is under way before casing is run. The Pretty Hill target will be intersected shortly after. No new result.
10 Dec 2019drilling progress report● Neutral
Nangwarry-1 is on schedule, drilling at 952 m after setting surface casing at 779 m. The shallower Pretty Hill target is expected in about 12 days. No new result.
2 Dec 2019drilling spud▲ GoodMajor
Nangwarry-1 in South Australia's Otway Basin spudded on 1 December, as expected after earlier delays. It targets two gas reservoirs, with 28.5 Bcf best-estimate prospective resource net to Lakes, and is forecast to take 45 days to 4,265 m. Partly funded by the $4.95m PACE grant.
8 July 2019drilling scheduled● Neutral
Partner Vintage Energy's release repeats the rig news: Rig 106 secured via a rig-sharing agreement with Beach, with Nangwarry-1 spud expected October/November 2019. Nothing new beyond Lakes' own announcement.
8 July 2019drilling scheduled▲ GoodMajor
Easternwell Rig 106 secured for Nangwarry-1 (45-day well). Spud now expected October/November 2019, later than the May target. Prospect has 57 Bcf gross (28.5 Bcf net to Lakes), with a $4.95m PACE grant; Otway 50%, Vintage 50%.
24 Dec 2013farm in farm out agreement● NeutralMajor
Lakes confirms receiving Armour's letter 'purporting to exercise' its right to match the Beach farm-in. Lakes notes the $10m two-well fracturing program is prohibited under the moratorium. Wording suggests Lakes does not fully accept the exercise (inference).
23 Dec 2013farm in farm out agreement● NeutralMajor
Armour says it exercised its right to match Beach's PRL 2 farm-in: operator, 15% interest now for a $10m program within 12 months, up to 50% with a further $40m. The work is suspended by the fracturing ban and Armour seeks revised terms. It plans to drill Wombat-5.
6 Nov 2013drilling scheduled▲ GoodMajor
Lakes applied to drill Wombat-5 in early 2014, a conventional well without fracturing, targeting the weathered top of the Strzelecki Formation. This is the non-fracture route to Wombat production flagged earlier. Drilling is subject to approval and financing; no cost given.
12 Aug 2013farm in farm out completion▼ BadMajor
Beach Energy and Somerton (now Cooper Energy) formally withdrew from the PRL2 farm-in, and their interests went back to Lakes. Armour now has six months to match any third-party farm-in. This ends the Beach deal that was stalled by the moratorium.
20 June 2013drilling result● NeutralMajor
Yallourn Power-1 reached 1,201m total depth, with 791m of core recovered. It confirmed a thick Early Cretaceous shale sequence, with background gas up to 75 units. It is a corehole with no flow; core evaluation continues, so the oil source rock theory is not yet resolved.
4 June 2013drilling progress report● Neutral
Yallourn Power-1 is at 1,088m, coring towards the 1,200m target. Coring is slow because the formation is fractured and thicker than expected. A decision on continuing will be made at 1,200m.
