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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Oct 2023quarterly activities report▼ Bad
September 2023 quarter: closing cash $269k, down from $758k, after $489k operating spend including $218k exploration. Victorian drilling approvals are still being pursued, and the R&D repayments continue at $20k a month while other repayment options are investigated.
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.
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.
31 July 2023quarterly activities report▼ Bad
June 2023 quarter: closing cash $758k, down from $1.24m, after $184k operating spend. The company says it elected not to appeal the R&D ruling and is repaying at $20k a month. The rehabilitation bond dispute continues, with further expert advice being obtained.
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.
30 Jan 2023quarterly activities report● Neutral
December 2022 quarter: closing cash $1.86m, down from $2.49m, after $633k operating spend including $304k exploration. All AGM resolutions passed. Victorian drilling approvals are still being pursued; the R&D tribunal decision remains awaited.
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.
25 Nov 2022agm notice● Neutral
Chairman says paperwork for three Victorian wells should be lodged by the end of the financial year, aiming to drill Enterprise North-1 before then, subject to rig and approvals. He targets drilling by mid-2023 and gas production in 2024, and says farm-in is only for exceptional terms.