Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2022quarterly activities report● Neutral
September 2022 quarter: closing cash $2.49m after $742k operating and $155k exploration spend. Stakeholder engagement for Victorian drilling continues, Enterprise North is described in detail, and the R&D tribunal decision is still awaited. AGM set for 25 November 2022.
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.
27 July 2022quarterly activities report● Neutral
June 2022 quarter: closing cash $2.3m, down from $3.3m, after $339k operating and $612k exploration spend. Victorian approvals, Nangwarry, the R&D appeal and the Wellesley iodine survey plan are unchanged.
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.
29 Apr 2022quarterly activities report● Neutral
March 2022 quarter: closing cash $3.3m after $808k operating spend and $1.3m exploration, mostly Wellesley-2. Trading resumed 7 February. Victorian Wombat-5 and Otway-1 approvals, Nangwarry and the R&D tax appeal are all unchanged.
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.
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.
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.
