Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2025quarterly activities report● Neutral
December 2024 quarter: $1.5m spent on operations, closing cash $1.5m, rising to about $5m after the $3.5m PEP 169 payment on 10 January. Wombat-5 approval is hoped for in March 2025, with a rig sought for June/July 2025 but not assured. Share trading remains suspended; a reinstatement submission went to ASX on 4 November 2024.
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.
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 2024quarterly activities report● Neutral
September 2024 quarter: operating spend $129k, closing cash $74k, before the PEP 169 proceeds arrived. Shares remain suspended and a reinstatement submission to ASX is being prepared. DEECA gave feedback on the Lou Yang-2 rehabilitation plan, and the ADZ dispute was resolved by the sale.
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.
31 July 2024quarterly activities report● Neutral
June 2024 quarter: operating spend $231k, closing cash $203k. Focus moves to Wombat-5 approvals, and the $6.5m PEP 169 sale to ADZ is still being documented. DEECA has not responded on the Lou Yang-2 rehabilitation plan. Shares remain suspended.
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.
30 Apr 2024quarterly activities report▼ Bad
March 2024 quarter: operating spend $181k, closing cash $284k. Land access and indigenous land use issues are slowing Enterprise North-1, so Wombat may be accelerated. DEECA set bonds at $7.956m in February 2024. Lakes disputes ADZ's takeover of Armour's PEP 169 holder.
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.
30 Jan 2024quarterly activities report● Neutral
December 2023 quarter: operating spend $137k, including $97k on exploration; closing cash $465k. Shares remain suspended, with resumption expected after the Cooper arrangements. Consolidation done and Armour's PEP 169 debt paid. Enterprise North-1 still targeted for mid-2024.
