21 Feb 2022drilling progress report● Neutral
Daily report 11: three 100 m cement abandonment plugs were set and tagged to isolate the reservoir and aquifers. Two more plugs, a surface plug and rig release follow.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Feb 2022drilling progress report● Neutral
Daily report 8: logging finished and drill stem test tools run in to straddle the Boxvale Sands from 1,514 to 1,533 m. The flow test is next. No results yet.
17 Feb 2022drilling progress report● Neutral
Daily report 7: wireline logging suite 1 was run from total depth. Sonic logging and the drill stem test tools to test the Boxvale gas shows are next. No flow results yet.
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 2022capital raising announcement▲ GoodMajor
Underwriter Bizzell exercised its option to take a further $1.604m placement at the same terms, subject to shareholder approval at the coming AGM. This would lift total raised to $7.093m, excluding directors' subscriptions, and cut funding still needed for Wombat-5.
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.
4 Feb 2022listing compliance notice▲ GoodMajor
ASX says Lakes shares will be reinstated at 10:09am on 7 February 2022, with 42.38bn shares on issue. This ends the suspension that began October 2019.
4 Feb 2022other● Neutral
Reinstatement disclosure: $5.49m raised, with working capital of $2.57m after the raise. Planned uses: Wellesley-2 drilling $1.6m, working capital $1.517m and $1.838m for a Wellesley flowline or Victorian exploration. 10.92bn convertible notes remain; Acuity standby extended to January 2024.
4 Feb 2022listing compliance notice● Neutral
ASX confirms suspension will be lifted from the start of trading on 7 February 2022 once the reinstatement disclosure was released. Repeats the previous ASX notice.
3 Feb 2022admin correction● Neutral
Routine Appendix 4G governance checklist for FY2021, pointing to the corporate governance statement on the company website. No operational or financial substance.
1 Feb 2022capital raising announcement▲ GoodMajor
Offer fully subscribed: $4,342,810 raised under the prospectus plus $1.146m of earlier placements, $5,488,810 in total, well above ASX's $3.55m. Shares issue 2 February; trading expected to resume by 7 February 2022.
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.
27 Jan 2022capital raising announcement▲ GoodMajor
Minimum subscription of $2.404m reached on 25 January, taking total raised to $3,855,093 and exceeding the $3.55m ASX condition. Funds stay in escrow until trading resumes. This meets the main ASX reinstatement condition.
21 Jan 2022capital raising announcement● Neutral
Share offers under the replacement prospectus are now open at 0.08c per share and close 31 January 2022. Notice of opening only; no new terms.
20 Jan 2022capital raising announcement● Neutral
Replacement prospectus for up to 5.43bn shares at 0.08c (about $4.34m) replaces the 7 January one and now closes 31 January 2022. Changes include audited FY21 figures, added risk disclosure (climate, native title, R&D rebate) and removal of new-energy references.
What it means for a shareholder
5.43bn new shares at A$0.0008 to raise about A$4.3m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (1,250,000 at the issue price), your slice goes from 0.00352% to 0.00305% of the company. To keep it you'd need 191,082 more shares - about A$153 at the issue price.
Create a free account to see this worked out for your own holding.
20 Jan 2022annual report● Neutral
Annual report for the year to 30 June 2021 was released, as a step toward share reinstatement. It lists Nangwarry at 12.9 Bcf net sales gas, Wombat at 329 Bcf contingent resource, and Lakes' net interest in PRL 249 at 46.76%.
13 Jan 2022other● Neutral
Chairman's letters urge shareholders to apply for shares at 0.08c, a 20% discount to the minimum ASX trade price, before the offer closes 24 January 2022. Says trading resumption is agreed subject to conditions and calls the investment speculative. No new facts beyond the prospectus.
10 Jan 2022capital raising announcement▲ Good
Offers at 0.08c per share open 14 January and close 24 January 2022, up to $4.34m. With $1.146m of placements, an $0.8m advance subscription and a $1.604m Bizzell underwrite, $3.55m is assured. Funds are held in escrow until ASX confirms trading can resume.
7 Jan 2022capital raising announcement● NeutralMajor
Prospectus lodged 7 January 2022 offering up to 5.43bn shares at 0.08c to raise up to about $4.34m, closing 24 January 2022. Described as highly speculative. Lakes will seek ASX reinstatement; the text is truncated.
What it means for a shareholder
5.43bn new shares at A$0.0008 to raise about A$4.3m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (1,250,000 at the issue price), your slice goes from 0.00352% to 0.00305% of the company. To keep it you'd need 191,082 more shares - about A$153 at the issue price.
Create a free account to see this worked out for your own holding.
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.
5 Jan 2022listing compliance notice● Neutral
ASX extended the deadline to 1 February 2022. Lakes says it has $1.146m of placements firm and a prospectus seeking $2.404m minimum (up to about $4.343m), backed by $0.8m advance subscriptions and a $1.604m underwriting, which together reach $3.55m.
25 Oct 2021listing compliance notice▲ GoodMajor
ASX will reinstate Lakes shares, after about two years' suspension, if it raises $3.55m and starts earthworks for the Wellesley-2 well in Queensland, both by 1 January 2022. This resolves the long-running suspension question only if the conditions are met.
26 July 2021other● Neutral
Following shareholder enquiries, Lakes confirms talks with ASX continue on its request to reinstate trading. No new information; the shares remain suspended.
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.