Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Nov 2024annual report● Neutral
Overdue annual report for the year to 30 June 2024, lodged 1 November 2024. The CEO letter says Lakes has funds to progress Wombat-5 approvals and contribute to drilling costs. This resolves the late annual report that triggered the October 2023 suspension.
1 Nov 2024half year report● Neutral
Overdue half-year report for the six months to 31 December 2023, lodged 1 November 2024. It restates known matters such as the Wombat-5 well costing around $5m and the dropped Cooper farmout. This addresses one of the outstanding reports flagged by ASX.
1 Nov 2024annual report● Neutral
Appendix 4G confirming the corporate governance statement for the year to 30 June 2024 is on Lakes' website and current at 1 November 2024. Lodged with the annual report; administrative, no new business information.
31 Oct 2024admin correction● Neutral
Replacement of the 30 October Wombat-5 Operation Plan release, with a resource footnote added and 'Trifon/Gangell' spelling changed to 'Trifon-Gangell'. No new information.
30 Oct 2024regulatory community update▲ Good
Lakes submitted its Operation Plan for drilling Wombat-5 to the Victorian regulator, which will review it and may ask for changes before consent. Drilling is targeted for mid-2025. This follows the Notice of Operation sent to stakeholders on 30 August.
23 Oct 2024admin correction● Neutral
Second re-release of the PEP 169 completion announcement, adding a resource-estimate footnote to the 719 Bcf figure. No new information on the sale.
23 Oct 2024director officer appointment● Neutral
Boyd White joins the board as a non-executive director, proposed by Lakes' largest shareholder NewPeak Metals, which holds 17.0%. He was until recently NewPeak's CEO and is Executive Chairman of ReNu Energy.
23 Oct 2024other● Neutral
Share registry moves from Computershare to Boardroom on 28 October 2024. Administrative only.
22 Oct 2024admin correction● Neutral
Re-release of the 21 October PEP 169 completion announcement, correcting the typo in the highlights ('4 October 2088' becomes 2024). Nothing else changes.
21 Oct 2024asset acquisition disposition▲ GoodMajor
The PEP 169 sale completed on 9 October and Lakes received the first $3.0m. A further $3.5m follows registration of the title transfer, plus a royalty of about 4% of wellhead value. Lakes will now seek to have its shares reinstated. Note: the highlights contain a typo, '2088'.
18 Oct 2024listing compliance notice▼ Bad
ASX's long-term suspended list shows Lakes must lodge its overdue half-year accounts (due 15 March 2024) by 15 March 2025 and full-year accounts by that date, and meet a 2 October 2025 deadline to resume trading, or be removed from the official list. Updates the 10 July list, whose deadlines were cut off.
14 Oct 2024director officer appointment● NeutralMajor
CEO Roland Sleeman intends to retire as CEO at the 2024 AGM, citing personal reasons. Chairman Richard Ash becomes CEO for now, and Sleeman stays on the board and becomes Chairman. Sleeman joined in June 2016.
3 Sept 2024asset acquisition disposition▲ GoodMajor
The sale agreement for Lakes' 49% of PEP 169 to ADZ's Armour Energy (Victoria) is signed, confirming the 27 June terms: $3.0m on completion, $3.5m on title transfer, plus a 6% royalty on ADZ's 51%. Director Nick Mather did not support completion. Wombat-5 drilling is targeted for Q2 2025.
10 July 2024listing compliance notice▼ Bad
ASX list of entities suspended over three months; Lakes Blue Energy appears, but the table was cut off so its deadlines are not visible. Armour Energy is also listed. Generally, missing the deadlines risks removal from the official list.
27 June 2024asset acquisition disposition▲ GoodMajor
Terms agreed to sell Lakes' 49% of PEP 169 to ADZ Energy for $6.5m cash plus a royalty on ADZ's 51% share. Cash arrives in stages, tied to a permit extension and transfer registration. Lakes says it funds Wombat-5 in Q2 2025 and will seek to end its suspension.
14 May 2024material agreement▲ GoodMajor
Arrowie Basin deal with Gehyra revised: Gehyra takes full ownership of the licence applications and pays Lakes $150,000 now, $350,000 later and $1.0m on first commercial helium or petroleum production. Royalties are 2.5% on helium or hydrogen and 3.5% on petroleum. Replaces the June 2023 50:50 structure.
7 May 2024asset acquisition disposition▲ GoodMajor
Lakes agrees to take Jarden's 42.5% of Trifon/Gangell, giving 100% of PRL 2 and 719 Bcf of 2C gas (Wombat 329 plus Trifon/Gangell 390). Jarden gets about $170,000 of debt forgiven and a 2.5% royalty capped at $10m.
18 Apr 2024farm in farm out agreement● NeutralMajor
Lakes drops the Cooper Energy PEP 169 farmout announced in October 2023 after two unsolicited offers it calls materially superior. Terms are confidential and under evaluation. Ends the $1.2m Cooper deal that the company's funding claims rested on.
29 Jan 2024capital raising announcement● Neutral
Acuity Capital agrees to extend the at-the-market subscription facility from 31 January 2024 to 31 January 2027, at no cost. Lakes has not drawn on it and is not required to.
7 Dec 2023security holder rights change● Neutral
The 1,000-to-1 share consolidation is complete after AGM approval on 30 November 2023. Lakes now has 58,637,575 shares, including 206,363,016 pre-consolidation shares issued to directors and approved at the AGM. Resolves the proposed consolidation.
4 Dec 2023other● Neutral
Notice that 99,999,000 shares, the director shares issued in December 2022, leave voluntary escrow on 13 December 2023. Administrative only.
1 Dec 2023investor presentation● Neutral
CEO presentation to shareholders restating strategy: drill Enterprise North-1, then Wombat-5, and develop Wombat and Trifon-Gangell (719 Bcf 2C). Says trading talks with ASX continue and 2024 funding relies on the Cooper farmout. Largely repeats known facts.
24 Nov 2023joint venture update▲ Good
Armour's administrators paid the just over $275,000 owed to Lakes for PEP 169, and Lakes now says it is funded through 2025. Mirboo is formal operator; the Cooper funding terms may be fine-tuned. Shares remain suspended pending ASX requirements.
13 Nov 2023joint venture update▼ BadMajor
Administrators and receivers appointed to Armour Energy, Lakes' 51% partner in PEP 169. Lakes says there is no overall impact; its subsidiary Mirboo replaces Armour as operator and will pursue unpaid costs, possibly by acquiring Armour's interest. Enterprise North-1 still targeted mid-2024.
30 Oct 2023security holder rights change● Neutral
Proposes consolidating shares 1,000 into 1, cutting about 58.43bn shares to about 58.4m, subject to shareholder approval on 30 November 2023 and a final board decision. Follows the tiny rights issue; no value change in itself.
26 Oct 2023admin correction● Neutral
The 2023 annual report is now lodged after the Cooper farmout terms were agreed; the company says that was important to show its ongoing solvency. It will place rights issue shortfall, first to existing holders who missed the 6 October deadline.
26 Oct 2023other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2023, pointing to the governance statement on the company website. Administrative lodgement with no new operational or financial information.
25 Oct 2023annual report● Neutral
Annual report for the year to 30 June 2023, lodged late. It restates the portfolio and strategy of early Victorian commercialisation, led by Enterprise North, and the Buna and Portland projects. Financial statements were truncated and not read, so no figures given.
23 Oct 2023farm in farm out agreement▲ GoodMajor
Binding terms agreed to farm out 25.1% of PEP 169 to Cooper Energy for $1.2m upfront, plus funding Lakes' Enterprise North-1 well share up to $1.25m. Subject to due diligence and Armour's matching right. Drilling now targeted around mid-2024; Lakes says it is funded through 2024.
23 Oct 2023farm in farm out agreement▲ Good
Cooper Energy's own release confirms the PEP 169 farm-in terms: 25.1% for $1.2m upfront and funding of Lakes' retained 23.9% share of Enterprise North-1 drilling costs, capped at $1.25m. Conditional on due diligence, documents and approvals. Repeats Lakes' announcement.
