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LAKES OIL NL(LKO)

Former (or subsequent) names

 FROMTO
LAKES OIL NL03/10/1994
LAKES OIL LIMITED03/10/1994

Shareholder links

Our website ranking of LKO: rating 4
(4 out of 5)
COMPANY WEBSITE:

 

REGISTRY:

Computershare, Yarra Falls, 452 Johnston Street, Abbotsford VIC 3067

Tel : +61 (0)3 9415 4000 or 1300 850 505 (within Australia)
Fax : +61 3 9473 2500
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000LKO0
Address: Level 4 100 Albert Road South Melbourne VIC 3205
Tel:  (03) 9629 1566 Fax: (03) 9629 1624

Date first listed: 05/12/1985
Company Secretary: Richard Ash
Sector: Energy Industry Group: XEJ
Activities: Oil and gas explorer

News & Events

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OFX Transferring Money Internationally to Free

The company releases an Appendix 2A.

14/10/2020

The company releases an Appendix 3G.

14/10/2020

The company releases the results of its general meeting.

22/09/2020

Lakes Oil continues with endeavours to support resumption of share trading. Lakes Oil has acquired funding of approx. $4.8m since December 2019. General Meeting to be held on 22 September 2020 to, among other things, facilitate ongoing capital raising through issue of Convertible Notes. Work to be carried out to allow resumption of Victorian onshore exploration as soon as possible after 30 June 2021. Nangwarry (50% owned, and operated, by Lakes Oil subsidiary) estimated to contain 25 Billion standard cubic feet of carbon dioxide sales gas. Flow testing to take place later this year. Memorandum of Understanding already in place to progress toward development of Nangwarry. Realisation of the potential of Lakes Oil's portfolio of assets to deliver capital growth for Shareholders.

17/09/2020

The company releases an Investor Presentation.

16/09/2020

Independent estimate of Nangwarry carbon dioxide sales gas quantity prepared by ERC Equipoise Pte Ltd.Best estimate is that Nangwarry contains 25.1 Bscf (12.5 Bscf net to Lakes Oil) of saleable carbon dioxide.Memorandum of Understanding already in place with Supagas Pty Ltd for preliminary design and costing of carbon dioxide processing facility for Nangwarry. Through its subsidiary, Otway Energy Ltd, Lakes Oil has 50% interest in, and is Operator of, Nangwarry.

31/08/2020

Vintage Energy provides an update on Nangwarry. Recoverable CO2 independently assessed and booked. Gross recoverable estimates are: Low of 7.8 Bcf, Best of 25.1 Bcf, High of 82.1 Bcf. MOU signed with Supagas for the preliminary design and costing of facilities. Testing plans being advanced.

31/08/2020

The PEL 155 onshore Otway Basin joint venture advises that a non-binding memorandum of understanding with Supagas was signed. Planning is underway for Nangwarry-1 flow test. Considering options for commercial development of Nangwarry.

25/08/2020

Notice is hereby given that the General Meeting of Shareholders of Lakes Oil N.L. will be held virtually via a webinar conferencing facility at 2:00pm (AEST) on 22 September 2020.

21/08/2020

Shareholders in this company should consider crystallising a capital loss in 2020/21 by selling their worthless shares, which they can achieve online by entering transaction details here. While this usually makes good economic sense, we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

13/08/2020

The company releases an Appendix 3G.

13/07/2020

The company has raised a total of $486,000 in relation to the issue of 540,000 convertible notes on the same terms as notes previously issued.

13/07/2020

Lakes Oil continues with endeavours to support resumption of share trading. Lakes Oil has issued Convertible Notes to the value of $3.8m since December 2019. Lakes Oil holds significant, independently verified, Contingent and Prospective Resources of gas onshore in Victoria and will prepare for resumption of exploration activity as soon as possible. Term of Lakes Oil's exploration tenements will be reset to 5 years when conventional onshore exploration is allowed to resume at mid-2021.

08/04/2020

The company releases an Appendix 3G.

18/03/2020

The company releases an Appendix 2A.

13/03/2020

The company releases an Appendix 3G.

02/03/2020

The company releases an Appendix 2A.

14/02/2020

William Buck Audit has been appointed as auditor for the company. This appointment follows the resignation of Pitcher Partners and ASIC's consent to the resignation in accordance with s329(5) of the Corporations Act 2001. The company considered the size and operations of the company and the Board believes that the appointment of William Buck is in the best interests of the company and its shareholders. In accordance with s327C of the Corporations Act 2001, William Buck will hold office until the next Annual General Meeting at which shareholders will formally approve the new auditor.

14/02/2020

Victorian moratorium on conventional onshore petroleum exploration expires on 30 June 2020. Lakes Oil has prospects ready for drilling, including the conventional Wombat-5 well. Wombat-5 well will aim to commercialise a known gas resource with prospect of supplying 10% of Victorian gas demand. Lakes Oil is encouraged by Australian Government moves to promote development of southeastern Australian onshore gas resources.

07/02/2020

The company lodges its Quarterly Activities and Cashflow Report December 2019.

05/02/2020

The company releases an Appendix 2A.

17/01/2020

Laboratory analysis of the gas samples from the Nangwarry-1 exploration well indicate the well is very high in CO2. Analysis of the other samples obtained is continuing. The well will still be cased and suspended to enable it to be flow tested.

16/01/2020

The company releases an Appendix 2A.

15/01/2020

Logging of the Nangwarry-1 exploration well has been completed. Logging has confirmed the presence of a minimum 65m gas column at the top of the Pretty Hill Formation. The well will now be cased and suspended to enable it to be flow tested to assess its commerciality.

15/01/2020

Nangwarry-1 exploration well drilling completed at 4,300 metres measured depth. Gas shows have been encountered in two intervals within the Pretty Hill Formation. Logging of the Pretty Hill Formation is now underway.

02/01/2020

Nangwarry-1 exploration well at 3,450 metres measured depth drilling through the Pretty Hill Formation. Elevated gas readings were encountered across the upper section of the Pretty Hill Formation, the significance of which will be investigated through wireline logging at the completion of drilling. The Nangwarry-1 well targets two gas reservoirs with a best estimate gross prospective resource of 28.5 Bcf (net to Lakes Oil).

23/12/2019

The company releases the Results of its Annual General Meeting.

20/12/2019

The company releases its Chair Address and AGM Presentation.

19/12/2019

Judgement handed down regarding Lakes Oil's Appeal of the 2018 decision of Justice Macaulay. Court of appeal of the Supreme Court of Victoria has not found in favour of Lakes Oil.

17/12/2019

Nangwarry-1 exploration well is ahead of schedule with the intermediate casing point, at 2,949 metres measured depth, reached over the weekend. An intermediate hole logging program is currently being conducted with the 95 /8 inch diameter intermediate casing to be run over coming days. The Nangwarry-1 well targets two gas reservoirs with a best estimate gross prospective resource of 28.5 Bcf (net to Lakes Oil). The shallower target, Pretty Hill Formation, will be intersected after intermediate casing is set in place.

16/12/2019

Capital raising of up to $6.03 million (before costs) via a tranched issue of unlisted convertible notes. Lakes Oil has received subscriptions for an initial tranche of $600,000 of the unlisted convertible notes.

12/12/2019

Nangwarry-1 exploration well drilling on schedule at approximately 952 metres depth. Well targets two gas reservoirs with best estimate gross prospective resource of 28.5 Bcf (net to Lakes Oil). Shallower target, Pretty Hill Formation, may be intersected in about 12 days time.

10/12/2019

The company provides a corporate structure update. The current board size is reduced. Corporate focus continues to be on realisation of the conventional gas potential of the company's onshore Victorian assets.

04/12/2019

Nangwarry-1 exploration well spudded on 1 December. Well targets two gas reservoirs with best estimate gross prospective resource of 28.5 Bcf (net to Lakes Oil). Well drilling forecast to take 45 days.

02/12/2019

The company's AGM will be held on Thursday, 19 December 2019 at 3.00pm (AEDT) at Baker McKenzie Level 19 181 William Street Melbourne Victoria 3000.

15/11/2019

The company lodges its Quarterly Activities and Cashflow Report September 2019.

31/10/2019

A controlled placement agreement was entered into with Acuity Capital. CPA provides Lakes Oil with standby equity capital of up to $10 million. Lakes Oil controls is and when the CPA is utilised and the size and value of any placement.

31/10/2019

Discussions are underway with the ATO about deferral of payment of the R&D clawback assessment pending the appeal hearing, about which the ATO has provided information to the satisfaction of the company's auditor. The company's auditor issued a "˜disclaimer of opinion' regarding Lakes Oil's 2019 financial report. ASX has determined that, to recommence trading, it requires Lakes Oil to secure an unqualified audit opinion, in conjunction with other matters. The company is now pursuing a number of initiatives aimed to demonstrate that nondiscretionary costs can be met for a period satisfactory to the ASX. One key initiative will, as previously announced, be the launch of a capital raising.

29/10/2019

The company issues a response to ASX financial condition query.

23/10/2019

The company lodges its 2019 Annual Report to Shareholders.

23/10/2019

The company releases its Appendix 4G and Corporate Governance Statement.

23/10/2019

The company has been granted a waiver from ASX Listing Rules 10.13.3 and 10.13.5 to the extent necessary to permit the company's notice of general meeting to approve the issue of ordinary shares to Mr Nicholas Mather, Mr Kyle Wightman, Mr Chris Tonkin, Prof Ian Plimer and Mr Richard Ash in lieu of their remuneration not to state that the remuneration shares will be issued no later than one month after the date of AGM and not to sate the issue price of the remuneration shares subject to some conditions.

23/10/2019

The company's securities will be placed into suspension effective immediately as the company has not lodged its 2019 Financial Statements. The company will lodge its 2019 Financial Statements in conjunction with a capital raising announcement.

01/10/2019

The company's securities will be suspended from Official Quotation in accordance with Listing Rule 17.5 from the commencement of trading today, 1 October 2019, following failure to lodge the relevant periodic report by the due date.

01/10/2019

The unsecured converting notes (ASX Code: LKOGB) of Lakes Oil NL will be suspended at the close of business Friday, 25 May 2018, in accordance with listing rule 17.2, pending the automatic conversion of the Notes on maturity on Thursday, 31 May 2018.

25/05/2018

Lakes Oil NL's unsecured converting notes (ASX Code: LKOGA) will be suspended from quotation at the close of trading today, pending their maturity on 31 March 2017. The Notes will be removed from official quotation at the close of trading on Thursday 13 April 2017. For further information please refer to Lakes Oil NL's announcements. Please note that the suspension applies to the Notes only and does not apply to any other quoted securities of the company.

27/03/2017

The 10% per annum unsecured converting notes maturing 31 May 2018 issued by Lakes Oil NL will be reinstated to official quotation from the commencement of trading on Tuesday, 4 October 2016 following completion of the issue of Notes and satisfaction of conditions for quotation. For further details please refer to the Company's Third Supplementary Prospectus dated 1 September 2016 and its subsequent market updates.

03/10/2016

The 10% per annum unsecured converting notes maturing 31 May 2018 to be issued by Lakes Oil NL will be suspended from official quotation from the commencement of trading on Monday, 12 September 2016 pending completion of the issue of Notes and satisfaction of conditions for quotation. The Company's fully paid ordinary shares and 10% per annum unsecured converting notes maturing 31 March 2017 are not affected by this suspension.

09/09/2016

Lakes Oil NL's (the "Company") unsecured converting notes will be suspended from quotation at the close of trade today, pending their maturity on 30 November 2014. For further information please refer to the Company's announcements.

21/11/2014

the suspension of trading in the securities of Lakes Oil NL (the "Company") will be lifted immediately, following the release of an announcement by the Company titled "Lakes Oil Merger with Cape Energ"

29/07/2008

the securities of Lakes Oil NL (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement by the Company

24/07/2008

name changed from Lakes Oil Limited

03/10/1994

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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNUMBERPRICEAMOUNT
    11/07/2016Chris Tonkin6,500,000$0.002$9,750
    08/07/2016Kyle Wightman3,000,000$0.002$4,500
    22/05/2014Robert Annells-15,000,000$0.003$45,000
    02/03/2012Bill Stubbs6,000,000$0.005$30,000

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Richard AshChairman21/08/2018
    Tim O'BrienCOO
    Leslie SmithCFO01/06/2010
    Nick MatherNon Exec Director07/02/2012
    Roland SleemanExecutive Director, CEO08/12/2016

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Chris TonkinChairman23/05/201621/11/2019
    Kyle WightmanNon Exec Director04/08/201421/11/2019
    Ian PlimerNon Exec Director27/01/201321/11/2019
    Barney BeroldNon Exec Director20/02/200724/04/2019
    Bill StubbsNon Exec Director07/02/201213/11/2018
    Karl SchlobohmAlternate Director24/11/201616/01/2017
    Robbert de WeijerAlternate Director05/06/201428/09/2016
    Andrew DavisNon Exec Director09/09/201502/06/2016
    Robert AnnellsExecutive Chairman03/12/198420/05/2016
    Matthew StubbsAlternate Director11/05/201226/08/2014
    Alexander DownerNon Exec Director01/02/201317/04/2014
    Peter LawrenceDirector04/12/200027/11/2012
    James SymeDirector28/05/200627/11/2012

    Date of first appointment, title may have changed.