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Lakes Blue Energy NL (ASX:LKO)

ALERT: Price-sensitive ASX Announcement for LKO
Current share price for LKO : $0.375 -1.09 (-74.40%)+
Announcement
Release
30 Jan 2026 2:13PM
Price at Release
$1.465
Full Release
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Summary
Lakes Blue Energy NL released its quarterly activities report for the period ended 31 December 2025, highlighting key developments across its portfolio of gas projects. The Wombat-5 well was prepared for production testing, and testing commenced in January 2026. The Portland Energy Project is advancing towards potential drilling in the second half of 2026, contingent on regulatory approvals. The company is also evaluating the Nangwarry COâ‚‚ Project within the Otway Basin and retains various royalty interests, including a 4% royalty from petroleum production in the Otway Basin. Financially, Lakes used net cash of $4.7 million in operations, largely on Wombat-5 drilling, ending the quarter with a cash balance of $5.7 million. The company raised $12.3 million this financial year, providing adequate capital for future activities. Operationally, Michael McGowan was appointed as General Manager of Operations to bolster technical capacity as project activities increase.
Key Points
  • Wombat-5 was readied for production testing with wellhead installation and pressure testing.
  • Production testing at Wombat-5 commenced in January 2026.
  • Plans for drilling at the Portland Energy Project in 2H 2026, targeting up to 1 TCF of gas.
  • Ongoing evaluation of the Nangwarry CO2 Project.
  • Strengthened operational capability with the appointment of Michael McGowan as General Manager.
  • Net cash of $4.7 million used in operations, ending cash balance of $5.7 million.
  • Raised $12.3 million this financial year for future capital requirements.
  • Holds a 4% royalty interest in Otway Basin petroleum production.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.