Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Oct 2023capital raising announcement▼ BadMajor
The rights issue closed raising only $363,480 of a possible $1.73m, with 605.8m shares to be issued including bonus shares. The Chairman, the Managing Director and 1,295 others applied; about 2.29bn shares of shortfall remain, which directors may place.
3 Oct 2023admin correction▼ Bad
Lakes confirms the 2023 annual report missed the 30 September deadline, saying lodgement was held back while the principles of a PEP 169 farmout to fund its Enterprise North-1 drilling share are finalised. It intends to lodge within the week.
2 Oct 2023listing compliance notice▼ BadMajor
ASX suspends Lakes' shares from 2 October 2023 for not lodging its periodic report by the due date, one of many companies listed. Trading is normally reinstated once the report is lodged.
19 Sept 2023capital raising announcement● Neutral
Closing date of the entitlement offer extended two weeks to 6 October 2023. Terms unchanged: 0.1 cent per share, up to $1,734,753 raised, with shortfall placeable at the board's discretion at no less than the offer price.
12 Sept 2023capital raising announcement● Neutral
Offer documents and entitlement forms sent to eligible shareholders; the offer closes 22 September unless extended. Administrative mailing notice with no new information.
7 Sept 2023capital raising announcement● Neutral
Launches the entitlement offer to raise about $1.7m for operations before Enterprise North-1, now targeted for 2024 (previously before end-2023). Effective price is 0.06 cent with bonus shares. Funding for Lakes' 49% share of drilling costs is still being investigated.
5 Sept 2023capital raising announcement● NeutralMajor
Prospectus for a non-renounceable entitlement offer: 3 new shares per 100 held at 0.1 cent, plus 2 free bonus shares per 3 subscribed. Maximum raise is $1,734,753, not underwritten, closing 22 September 2023. Follows cash falling to $758k.
1 June 2023farm in farm out agreement▲ GoodMajor
Lakes sells 50% of its six Arrowie Basin (SA) licence applications to Gehyra Flux, which will fund native title work and get exclusive natural hydrogen rights. Lakes keeps petroleum rights; each pays the other a 2% royalty on any production. No cash payment is stated.
4 May 2023investor presentation● Neutral
Update promoting Enterprise North (up to 419 Bcf in place) and Nangwarry CO2 (25.9 Bscf), citing gas shortages. Lakes aims to drill Enterprise North-1 before end-2023, with approvals still pending. TotalEnergies' Buna studies continue. No new results or figures.
28 Apr 2023quarterly activities report● NeutralMajor
March 2023 quarter: cash $1.24m. The convertible notes matured 31 March 2023: 11.17bn converted to shares and notes worth $301,529 were redeemed, leaving 57.83bn shares. Also reports a dispute with Victoria's regulator over well rehabilitation bonds (state estimate $6.9m versus Lakes' $1.4-1.6m experts), and the unfavourable R&D ruling.
18 Apr 2023regulatory community update▼ BadMajor
The tribunal affirmed the rejection of Lakes' 2013/14 R&D claim, resolving the long-running appeal against it. Lakes owes $605,000, the balance of the $1.02m grant including interest and a penalty, and is considering a Federal Court appeal within 28 days.
16 Mar 2023half year report● Neutral
Half year to 31 December 2022: loss of $1.60m (prior period $1.67m), income $8k. Enterprise North could be Victoria's biggest onshore gas find; PNG sampling is complete and with TotalEnergies for analysis. Drilling approval is still being sought.
20 Dec 2022security holder rights change● Neutral
Administrative notice: 99,999,000 shares issued on 13 December 2022 to directors in lieu of fees, as approved at the AGM, are restricted from on-sale for 12 months under the Corporations Act.
25 Nov 2022investor presentation● Neutral
AGM presentation repeating known points: Enterprise North (up to 97 Bcf recoverable net, 72% chance of success), the TotalEnergies phases at Buna, and completed PNG sampling. Approvals for Enterprise North-1 are still underway. No new results.
30 Sept 2022annual report● Neutral
Annual report for the year to 30 June 2022. Lists the project portfolio, including Wombat 329 Bcf contingent, Enterprise North 209 Bcf net gas in place and Buna 3.1 Tcf prospective, and claims hypothetical value above $1bn. Financial statements were truncated and not read, so no figures given.
30 Sept 2022other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2022, pointing to the governance statement on the company website. Administrative lodgement with no new operational or financial information.
29 Sept 2022regulatory community update▲ Good
PNG rock and fluid sampling near PPL 560 (Buna) is on schedule since 15 September despite weather delays. Gas bubbling from sandstone at Alligator Creek was sampled; it burned with a reddish-yellow flame, which the company says suggests heavier, non-biogenic hydrocarbons. Completion expected mid-October.
28 Sept 2022resource reserve update▲ GoodMajor
Lakes estimates the Enterprise North prospect in PEP 169 holds up to 419 Bcf of gas and 10 million barrels of condensate (209 Bcf and 5 MMBbl net), with a 72% stated chance of success. It is unrisked, undrilled, and approvals are still underway.
19 Sept 2022regulatory community update▲ Good
Rock and fluid sampling has started around PPL 560 in PNG, taking about 30 days, with samples sent to France. This is the first phase of the TotalEnergies agreement; TotalEnergies may then fund seismic.
26 July 2022drilling scheduled▲ GoodMajor
Lakes flags a new prospect, Enterprise North, in PEP 169 (Lakes 49%, Armour 51%), on trend with Beach's Enterprise discovery. Work has begun to get approval for a vertical well. No resource figure given yet.
12 July 2022farm in farm out agreement▲ GoodMajor
Lakes signed a Technical Cooperation Agreement with TotalEnergies on PPL 560 (Buna). TotalEnergies funds the studies and seismic and can take 75%, funding the first US$30m of a first well; Lakes keeps 25%. This follows the Buna farm-out talks.
8 June 2022regulatory community update▲ Good
PNG licence PPL 560, holding the Buna prospect (3.3 Tcf best estimate), was extended one year to 22 December 2026 to offset Covid delays. Lakes plans outcrop sampling and is progressing farm-in talks.
25 Mar 2022investor presentation● Neutral
AGM chairman's address and CEO presentation, mainly repeating known points: relisting, a $5.3m raise, Wellesley-2 failing to find gas, and Wombat drilling around mid-2022. The chairman calls Wombat a 'company maker'. Remaining presentation text was truncated.
15 Mar 2022half year report● Neutral
Half-year report to 31 December 2021, covering the relisting conditions, now met, the Wellesley-2 dry hole, Nangwarry talks with Supagas and Victorian approvals. Financial statements were truncated and not read, so no figures are given here.
1 Mar 2022regulatory community update▲ GoodMajor
Victoria approved Lakes' work programs for its exploration permits, unchanged from pre-2012 ban versions. With the ban lifted, Lakes can resume on-ground work. Wombat-5 and Otway-1 drilling is targeted around mid-2022, subject to approvals. PRL 3 extension still not processed.
23 Feb 2022drilling progress report● Neutral
Final daily report 13: surface plug set and rig released at midday, then demobilised. Lakes says the well was drilled on time and on budget with no safety or environmental incidents.
23 Feb 2022drilling result▼ BadMajor
Wellesley-2 failed to discover gas; it hit the muddy edge of the sand channel rather than thick reservoir. Lakes plans an iodine survey, then 3D seismic. The well met an ASX relisting condition. Wombat-5 and Otway-1 approvals continue, with drilling targeted mid-2022.
22 Feb 2022drilling progress report● Neutral
Daily report 12: the last two downhole plugs were set, including one across the casing shoe. The rig began dismantling the blowout preventer ahead of release.
21 Feb 2022drilling result▼ Bad
Daily report 10: slow pressure build-up shows the Boxvale is less developed and very tight than at Wellesley-1. The company says the well missed the main sand channel complex. The test string was pulled and abandonment plugging began, effectively a dry hole.
21 Feb 2022well test result▼ Bad
Daily report 9: after a pump failure was fixed, the Boxvale test ran with no surface sign of gas flow in pre-flow or the 90-minute main flow. Pressure build-up was still being recorded. An early negative signal for the Wellesley-2 well.
