16 Dec 2019drilling progress report● Neutral
Nangwarry-1 is ahead of schedule, reaching intermediate casing point at 2,949 m. Logging is under way before casing is run. The Pretty Hill target will be intersected shortly after. No new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Dec 2019capital raising announcement● NeutralMajor
Lakes arranged up to $6.03m of convertible notes at 0.09 cents each, 15% interest, secured over its assets, maturing 31 December 2021. First $600k placed; balance to be underwritten by Bizzell, with $3m sub-underwritten by a Nick Mather-related trust. Funds Nangwarry-1.
10 Dec 2019drilling progress report● Neutral
Nangwarry-1 is on schedule, drilling at 952 m after setting surface casing at 779 m. The shallower Pretty Hill target is expected in about 12 days. No new result.
4 Dec 2019director officer appointment● Neutral
Richard Ash is now chairman after the November board departures; Sleeman is an executive director and Tim O'Brien stays as COO. The company describes the changes as aimed at reducing corporate costs, and says its Victorian gas and PNG focus is unchanged.
2 Dec 2019drilling spud▲ GoodMajor
Nangwarry-1 in South Australia's Otway Basin spudded on 1 December, as expected after earlier delays. It targets two gas reservoirs, with 28.5 Bcf best-estimate prospective resource net to Lakes, and is forecast to take 45 days to 4,265 m. Partly funded by the $4.95m PACE grant.
21 Nov 2019director officer appointment▼ BadMajor
Chairman Chris Tonkin, Ian Plimer and Kyle Wightman resigned from the board. CEO Roland Sleeman joined as a director. No reason is given in this notice.
31 Oct 2019capital raising announcement▲ GoodMajor
Lakes signed a Controlled Placement Agreement with Acuity Capital giving standby equity of up to $10m to 31 January 2022. Lakes decides if and when to use it. As collateral it will place 1.7bn shares for nil consideration, returned at expiry subject to shareholder approval.
29 Oct 2019listing compliance notice▼ BadMajor
Lakes says suspension stems from late filing while it satisfied its auditor over the ATO's R&D clawback of the 2013/14 grant (appeal not before April 2020). ASX wants an unqualified audit opinion to resume trading; a prospectus-backed capital raising is being expedited.
23 Oct 2019annual report● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2019, with the governance statement on the website. Administrative filing with no new substance.
23 Oct 2019annual report● Neutral
2019 annual report: the chairman says Nangwarry-1 will be drilled late 2019, PNG tenure was confirmed, and the Victorian appeal decision is expected early 2020. The auditor again disclaimed an opinion (per ASX query). Text is truncated.
23 Oct 2019listing compliance notice▼ Bad
Replying to ASX's financial condition query, Lakes cited a $547,120 net current liability, total assets of $16.29m, and a planned $2m raise. Funding options include director loans, land sales, and farm-outs. Nangwarry-1 spud now expected December 2019.
23 Oct 2019security holder rights change● Neutral
ASX granted a waiver so the general meeting notice need not state the issue price or timing for directors' remuneration shares. Shares must be issued within 10 business days after each month, no later than 14 December 2020, with a dilution example in the notice.
1 Oct 2019listing compliance notice▼ Bad
Lakes confirmed its shares are suspended because the 2019 financial statements were not lodged. It says they will be lodged together with a capital raising announcement.
1 Oct 2019listing compliance notice▼ BadMajor
ASX suspended Lakes Oil shares from 1 October 2019 for failing to lodge its annual report by the due date.
4 Sept 2019regulatory community update▲ GoodMajor
PNG court quashed the former Minister's April 2018 cancellation of PPL 560 and awarded costs to Lakes, resolving the tenure dispute. Exploration can resume at the multi-Tcf Buna prospect; Lakes will seek a term extension.
26 Aug 2019regulatory community update● Neutral
The PNG judicial review of the PPL 560 cancellation was heard on 21 August 2019 by Justice Royale Thompson. No settlement was reached; a decision is awaited.
7 Aug 2019regulatory community update● Neutral
Lakes' appeal against the September 2018 Macaulay judgment was heard in the Victorian Supreme Court on 6 August 2019. A decision is awaited.
15 July 2019investor presentation● Neutral
July 2019 investor presentation repeats known facts: Nangwarry spud in Q4 2019, PPL 560 Buna 3.3 Tcf P50 with farm-out talks, Victorian ban ending mid-2020. Shows 33.35bn shares, market cap about $33m at roughly 0.1 cent.
8 July 2019drilling scheduled● Neutral
Partner Vintage Energy's release repeats the rig news: Rig 106 secured via a rig-sharing agreement with Beach, with Nangwarry-1 spud expected October/November 2019. Nothing new beyond Lakes' own announcement.
8 July 2019drilling scheduled▲ GoodMajor
Easternwell Rig 106 secured for Nangwarry-1 (45-day well). Spud now expected October/November 2019, later than the May target. Prospect has 57 Bcf gross (28.5 Bcf net to Lakes), with a $4.95m PACE grant; Otway 50%, Vintage 50%.
3 July 2019regulatory community update● Neutral
PNG PPL 560 case deferred again: status conference 12 August, trial 21 August 2019 unless settled. Lakes' appeal against the Victorian Macaulay judgment is now listed for hearing on 6 August 2019, ending the wait for a date.
25 June 2019regulatory community update▼ Bad
A change of government in PNG replaced the Minister before the PPL 560 settlement was finalised. The judicial review now returns to court on 1 July 2019; Lakes will try to settle with the new Minister first. Delays the Buna prospect restart.
5 June 2019asset acquisition disposition● Neutral
The Rawson exchange offer closed 30 May with acceptances of 3,866,188 Rawson shares; Lakes issued 57,992,820 shares and now holds 93.51% of Rawson (up from about 90%). Lakes will review options for acquiring the rest. Shares on issue: 33.28bn.
21 May 2019regulatory community update▲ GoodMajor
Counsel for PNG's Minister told the court the April 2018 cancellation of PPL 560, which holds the multi-Tcf Buna prospect, will be revoked. The review was adjourned to 7 June 2019 to finalise settlement and will proceed that day if no acceptable deal is reached.
20 May 2019other● Neutral
Lakes extended the Rawson share exchange offer close from 20 May to 30 May 2019, with allotment on 5 June. Timetable change only.
26 Apr 2019regulatory community update● Neutral
Lakes says preparations for its appeal against the September 2018 judgment were finished in March 2019. It is now waiting for the Full Court of the Victorian Supreme Court to set a hearing date.
24 Apr 2019director officer appointment● Neutral
Non-executive director Barney Berold resigned for personal reasons, leaving five directors on the board.
18 Apr 2019capital raising announcement▼ BadMajor
Prospectus offering remaining Rawson holders 15 Lakes shares per Rawson share, closing 20 May 2019. It values Lakes shares at 0.1 cent. It warns the company is in a tight financial position and that auditors disclaimed a conclusion on going concern for the half-year.
18 Apr 2019other● Neutral
Lakes announced it lodged the prospectus offering remaining Rawson shareholders 15 Lakes shares per Rawson share. Cover announcement for the prospectus; no new substance.
15 Mar 2019half year report▼ BadMajor
Half-year to 31 December 2018: loss $2.62m (prior year $1.12m), including $1.02m booked for a rejected R&D tax claim. Net assets $14.42m, but a working capital deficit of $1.31m and operating cash outflow of $1.61m. The text is truncated; the later prospectus says the auditor disclaimed a conclusion on going concern.