Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Apr 2007farm in farm out completion▲ GoodMajor
Lakes and PetroHunter sign the agreement first announced in November 2006: PetroHunter earns 33⅓% for US$7m, subscribes US$3m at 1.5c, with options on two further 16⅔% tranches of US$10m each. The US$3m is expected before the end of April.
16 Apr 2007drilling progress report● Neutral
Hazelwood-1 is drilling ahead at 1,623 m. No new results.
10 Apr 2007drilling progress report● Neutral
Hazelwood-1 is at 1,298 m after 9 5/8 inch casing was set; drilling resumes. No new results.
3 Apr 2007drilling progress report● Neutral
Hazelwood-1 is drilling ahead at 988 m. No new results.
26 Mar 2007drilling spud● NeutralMajor
Hazelwood-1 spudded on 24 March 2007 and was at 513 m. It tests tight gas in the Strzelecki and the Rintouls Sandstone. Lakes holds 50% of PEP 166 and earns another 25% by fully funding this well and Boola Boola.
20 Mar 2007drilling scheduled● Neutral
The Century rig is on site at Hazelwood-1, with drilling due to start 22 March. PetroHunter due diligence is taking longer than expected and is now expected in the first half of April. The share purchase plan closes 30 March.
6 Feb 2007drilling scheduled▲ GoodMajor
Lakes launches a four-well programme for the first half of 2007: Hazelwood-1, Boola Boola-2, Napier High-1 and Alberton-1. It expects retention leases within weeks and PetroHunter due diligence by early March. A share purchase plan at 1.5c, capped at $1,400 each and $5m in total, is offered.
16 Nov 2006drilling scheduled▲ GoodMajor
Lakes has an option from AusAm to lift its PEP 166 interest from 50% to 75% by funding two wells. Hazelwood-1 is expected early in the New Year with a rig contracted; Boola Boola is undated. The letter also restates the PetroHunter deal.
14 Nov 2006farm in farm out agreement▲ GoodMajor
Lakes agreed with PetroHunter Energy to jointly develop its Gippsland and Otway permits. PetroHunter earns 33⅓% by spending US$7m, subscribes US$3m ($4m) for shares at 1.5c, and has options on two further 16⅔% tranches of US$10m each. Subject to due diligence and retention leases. This is the partner the Sinopec talks sought.
18 Oct 2006drilling result▼ Bad
Sun Resources repeats that the Eagle North-1 workover failed to free the damaged production valve at 3,963 m, so the well is being suspended for a future sidetrack. A new operator and partner will be sought, and Sun is weighing whether to farm down. Lakes holds 15%.
18 Oct 2006drilling result▼ BadMajor
Operator Victoria Petroleum says the Eagle North-1 workover is abandoned: the stuck production valve and guns could not be retrieved, so the 72 m of cased pay stays untested. Partners will plan a future re-entry and sidetrack instead. Lakes holds 15%.
19 Sept 2006drilling progress report▼ BadMajor
A workover rig reached Eagle North-1 and found the perforating guns appear not to have fired in the first test, so the cased 72 m remains untested. Fourteen days of cleanout come first, then a new gun run. Lakes holds 15%.
19 Sept 2006drilling progress report▼ Bad
Sun Resources repeats that the Eagle North-1 workover rig began on 18 September and the perforating guns appear not to have fired. It expects a further hiatus before retesting, while the cause is established. Lakes holds 15%.
8 June 2006drilling progress report▼ Bad
Operator says securing a completion rig and coiled tubing unit for Eagle North-1 is still continuing, delayed by heavy equipment demand around Bakersfield. No results yet; a release will follow testing. Lakes holds 15%. Repeats the Sun Resources update.
8 June 2006drilling progress report▼ Bad
Sun Resources relays that Eagle North-1 testing is delayed because a completion rig and coiled tubing unit are not yet available together, owing to heavy demand in the Bakersfield area. No flow result yet; Lakes holds 15%.
23 May 2006drilling progress report● Neutral
Operator Victoria Petroleum says Eagle North-1 testing continues with results 'encouraging' but no flow figures. A completion rig is due on site this coming week, then a coiled tubing unit. Up to 1,000 bopd is hoped; Lakes holds 15%.
23 May 2006drilling progress report● Neutral
Sun Resources reports 'encouraging' Eagle North-1 test results, without figures. The drilling rig was released on 20 May and a cheaper completion rig is due next week, then a coiled tubing unit. No flow rates yet; Lakes holds 15%.
16 May 2006drilling progress report● Neutral
Sun Resources says the cased section of the Eagle North-1 lateral was perforated and testing is under way. Testing is slow because no coiled tubing unit or nitrogen is available. No flow result yet; Lakes holds 15%.
16 May 2006drilling progress report● Neutral
Operator says production testing continues on the 177 m Eagle North-1 lateral, with no results yet. Results will be announced when testing is complete. Lakes holds 15%.
8 May 2006drilling progress report● Neutral
Operator confirms Eagle North-1 drilling ended at 4,386 m because of running sands, and no slotted liner was run. A production test of 177 m is being prepared, taking four to seven days. Up to 1,000 bopd is hoped; Lakes holds 15%.
8 May 2006drilling progress report● Neutral
Sun Resources relayed that drilling of the Eagle North-1 horizontal well ended at 4,386 m because of running sands. A production test of 177 m of lower Gatchell sand was being prepared, expected to take about four days. Lakes holds 15%.
27 Apr 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 had survey tool problems, forcing a restart of the lateral at 4,285 m. Oil inflow occurred at 4,303 m and mud weight is being raised. Good oil-show sand is about 6 m so far; Lakes holds 15%.
27 Apr 2006drilling progress report▲ Good
Operator reports good oil shows over 11 m of the Eagle North-1 lateral to 4,308 m, with oil inflow on a flow check and gas up to 550 units. The 320 m lateral and slotted liner remain planned. Lakes holds 15%.
27 Apr 2006drilling progress report▲ Good
Lakes relays the operator's 26 April Eagle North-1 report: good oil shows from 4,297 to 4,308 m with oil inflow on a flow check. Drilling of the 320 m lateral continues. Lakes holds 15%. Repeats the operator's announcement.
18 Apr 2006drilling progress report▲ Good
Sun Resources says the Eagle North-1 sidetrack landed in the target Gatchell sand at 4,255 m, with about 30 m of good oil shows so far. A 3¾ inch lateral to 4,600 m and a test are planned. No flow result yet; Lakes holds 15%.
18 Apr 2006drilling progress report▲ Good
Operator Victoria Petroleum says 4½ inch casing is set at 4,281 m after good oil shows from 4,255 m. A roughly 320 m lateral comes next, with up to 1,000 bopd anticipated if successful. Largely repeats Sun's same-day update; Lakes holds 15%.
18 Apr 2006drilling progress report▲ Good
Eagle North-1 horizontal well reached 4,272 m and encountered good oil shows in the target Gatchell sand from 4,255 m. The operator will drill to 4,293 m, then run a 4½ inch liner before the lateral. No flow test yet; Lakes holds 15%.
31 Mar 2006drilling progress report▼ Bad
After continued mechanical problems and deteriorating hole, the Eagle North-1 operator paused, then milled a new window at 4,028 m and started a new 6-inch hole (2H) with a conservative medium-radius curve. Lateral target is 320 m; the first horizontal attempt was effectively abandoned.
31 Mar 2006drilling progress report● Neutral
Operator confirms a revised Eagle North-1 horizontal plan: new sidetrack from 4,028 m, medium-radius curve, 4½ inch liner, then a 320 m lateral to within 30 m of Mary Bellocchi-1. Program is planned to take 15 days; Lakes holds 15%.
21 Mar 2006drilling progress report▼ Bad
Sun Resources says Eagle North-1 horizontal drilling was delayed by mud motor, MWD tool and mud circulation problems; it was still at 4,131 m. A roughly 300 m lateral and drill stem test remain planned. Lakes holds 15%.
