History & a Portfolio of World-Class Exploration Opportunities.
The Beginning
Lakes Blue Energy NL (ASX: LKO) is Australia’s oldest operating petroleum exploration company. Originally listed as Lakes Oil Limited the Company was formed in 1946, listing on the ASX on 19 April 1955, and in 1959 was taken over and delisted by Woodside.
Resurrection
The company was then acquired from Woodside and on 5 December 1985 re-listed on the ASX with a specific focus on onshore petroleum exploration in Victoria, Australia. Since then, the Company has progressively acquired a portfolio of highly prospective exploration acreage.
Pre-eminent Victorian
In the period from re-listing in 1985 to 2012 Lakes spent approximately $100 Million drilling multiple exploration wells and becoming Victoria’s pre-eminent onshore exploration company. By the end of 2012, Lakes Oil has landed contingent resources of gas certified in the Gippsland Basin.
Exploration Hiatus
Lakes Blue Energy plans to commercialise its Gippsland gas resource were frustrated by an on shore exploration ban introduced by the Victorian Government in 2012/2013. The exploration ban was finally lifted mid-2021.
Diversification
Unable to explore in its home-state of Victoria until 2021, Lakes Blue Energy necessarily ‘reinvested’ itself by diversifying its portfolio through the acquisition of acreage in Queensland, South Australia and PNG. In late 2019 Lakes drilled the Nangwarry-1 well in South Australia and in 2022 drilled the Wellsley-2 well in Queensland.
Now
With the Victorian exploration ban lifted, Lakes Blue Energy is once again able to focus on its world-class Victorian opportunities.
Though sale of its interest in PEP 169 (Victoria), the Company has ensured it is funded, and an Operation Plan has been submitted to the Victorian Regulator seeking appoval to drill the conventional Wombat-5 well.