Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2022quarterly activities report▲ Good
December 2021 quarter: ASX reinstatement deadline extended to 7 February 2022; $3.55m minimum met and Wellesley-2 earthworks done. A new Victorian onshore regime began 22 November 2021, so Wombat-5 and Otway-1 approvals can now be sought. R&D appeal decision still awaited.
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.
29 Oct 2021quarterly activities report● Neutral
September 2021 quarter: repeats the ASX conditions for reinstatement ($3.55m raise and Wellesley-2 earthworks), with a raising being prepared for all shareholders. Nangwarry resource unchanged at 25.9 Bscf gross best case; R&D appeal decision still awaited, with $20,000 a month paid to the ATO.
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.
28 July 2021quarterly activities report● Neutral
June 2021 quarter: shares still suspended; 416m notes issued for $378k of new funds plus 610m notes as interest. Victorian ban expired 30 June but no new regulatory framework exists yet. R&D appeal hearing was not concluded. Mostly repeats known facts.
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.
2 July 2021other▼ Bad
Corporate update: Victorian regulations are not expected until September 2021, so Wombat-5 drilling is now targeted for mid 2022, later than the earlier plan to drill soon after 30 June 2021. Lakes lodged a reinstatement submission to ASX on 30 June; $8.9m raised since December 2019.
31 May 2021quarterly activities report● Neutral
March 2021 quarter: Lakes says ASX wanted the reviewed December half-year accounts before lifting the suspension, and those are now done. After quarter-end, $1.1m director notes were approved and issued, and maturity of non-director notes was extended to 31 March 2023.
26 May 2021half year report▼ Bad
Half-year to 31 Dec 2020: loss of $1.36m (versus $248k profit a year earlier, which had $1.7m of grants). Working capital deficit widened to $7.9m from $3.0m because convertible notes are now current. Net assets $15.6m. Review report text was truncated.
10 May 2021director officer appointment● Neutral
Elissa Hansen of Sydney's CoSec Services replaces Chairman Richard Ash as company secretary, and Traverse Accountants replaces Leydin Freyer. Registered address moves to Sydney; a Melbourne CBD office is kept because Victorian exploration is about to restart.
7 Apr 2021flow test result▲ GoodMajor
Nangwarry-1 flowed 10.8 MMscfd steadily over two days, with a peak of about 22 MMscfd. Lakes says results beat expectations and the gas column is much taller than assumed, so the 12.6 Bscf net estimate is likely to be upgraded. Investment decision targeted for 2H 2021.
26 Mar 2021other● Neutral
Lakes Oil is now Lakes Blue Energy NL following shareholder approval on 23 March 2021. The ASX code stays LKO and the website is moving. The new name reflects the updated strategy; a revised constitution was lodged.
23 Mar 2021investor presentation● Neutral
AGM address: Lakes will become Lakes Blue Energy. Chairman targets commercial gas production within 3 years and says $8.325m has been raised since the October 2019 suspension. Shares remain suspended, and ASX requests have been met. Mostly repeats the September 2020 strategy.
23 Mar 2021agm notice● Neutral
The 23 March 2021 AGM will also be held at a physical South Melbourne venue, because COVID meeting relief expired. Webinar attendance remains available and encouraged. Other details unchanged.
