Lakes Blue Energy NL – ASX code LKO
Lakes Blue Energy NL intends to frack for unconventional forms of oil and gas in Victoria. Unconventional forms include shale oil, shale gas, and tight gas and typically require the controversial hydraulic fracturing technique known as ”fracking”.
As of December, 2022, Lakes Blue Energy is seeking approvals for drilling of wells in both Gippsland and Otway.
Lakes Blue Energy’s plans to commercialise it’s Gippsland gas resource were frustrated by a Victorian Government onshore exploration ban, introduced in 2012/13. The exploration ban was lifted mid-2021.
Lakes Blue Energy NL and its subsidiaries, is engaged in investing and exploring hydrocarbon properties in Australia and the United States.
Index: Gas Explorers in Australia
Australia: Onshore Gippsland basin, Victoria: Lakes Blue Energy NL holds a 75% interest in the PEP166 permit, 100% interest in the PRL2 permit, and 100% interest in the PRL 3 permit;
Onshore Otway basin, Victoria: a 100% interest in the PEP 163 permit and 49% interest in the PEP 169 permit.
USA: Lakes Blue Energy NL holds a 17.97% working interest in the Eagle prospect located in the San Joaquin Basin, California.
Australian Coal: Lakes Blue Energy NL has three coal exploration leases, including EL5333, EL5334, and EL5394 in the onshore Gippsland Basin.
In 2013, Gina Rinehart’s stake in Lakes Blue was 18.6% and her representatives on the board were Alexander Downer and Professor Ian Plimer. Disillusioned with the Victorian Government’s moratorium on gas exploration, Rinehart has gradually been selling down her share holding in Lakes Blue.
In 2019, Rinehart’s investment company, Timeview Enterprises Pty Ltd, sold $280,000 of stock in Lakes Blue and as of December 2022, she owns 5.84% of the company. Bloomberg said she has lost about 72% of her investment. In 2019 Bloomberg also says Rinehart sold out of Sun Resources, another oil & gas explorer, now called Prominence Energy Ltd.
| Lakes Blue Energy NL Phone: +613 9629 1566 Registered Office: 24 – 26 Kent Street, Millers Point, Sydney, NSW, 2000 Address for Correspondents: P.O. Box 300, Collins Street West, Victoria, 8007 Website: https://www.lakesblueenergy.com.au/ | Board as at Dec. 2022 Roland Sleeman Chief Executive Officer & Director Richard Ash Chairman Nick Mather Non-executive Director Tim O’Brien Chief Operating Officer Ellisa Hansen Company Secretary Board as at 2013 Mr Matthew Stubbs Alternate Director Mr Robert John Annells Chief Executive Officer, Executive Chairman Mr Bill Robert Stubbs Non-Executive Director Mr Nicholas Mather Non-Executive Director Dr Ian Rutherford Plimer Non-Executive Director Mr Barney Isaac Berold Non-Executive Director Hon Alexander Downer Non-Executive Director Tim O’Brien Operations Manager |
Top 20 Shareholders of LKO
The Top 20 Shareholders of LKO hold 45.47% of shares on issue.
| Name | Shares | Capital |
|---|---|---|
| Dark Horse Resources Limited | 9,883,714,010 | 21.23% |
| Timeview Enterprises Pty Ltd (Gina Rinehart) | 2,720,821,462 | 5.84% |
| DGR Global Limited | 2,212,203,276 | 4.75% |
| Acuity Capital Investment Management Pty Ltd | 1,730,000,000 | 3.72% |
| Mr Duncan John Hardie (ia) | 589,295,260 | 1.27% |
| Bam Opportunities Fund Pty Ltd | 375,000,000 | 0.81% |
| Mr William Richard Treuren | 359,289,500 | 0.77% |
| Sari Holdings Pty Ltd | 348,608,876 | 0.75% |
| Mr Duncan John Hardie (iib) | 315,595,620 | 0.68% |
| HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED | 308,559,412 | 0.66% |
| Mr Roland Kingsbury Sleeman | 304,159,915 | 0.65% |
| Mr Allister Richardson | 269,197,895 | 0.58% |
| Tiger Fund Pty Ltd | 250,000,000 | 0.54% |
| Pacific Atlantic Commerce Pty Ltd – Corcillum Super Fund A/C | 242,500,000 | 0.52% |
| Mr James Sinton Spence | 227,656,080 | 0.49% |
| CITICORP NOMINEES PTY LIMITED | 221,113,608 | 0.47% |
| Super Only Pty Ltd – Sypaq Sys Employees S/F A/C | 210,000,000 | 0.45% |
| Mr Duncan John Hardie (iiic) | 208,521,000 | 0.45% |
| Statemoor Pty Ltd – Peters Family A/C | 200,853,433 | 0.43% |
| Samuel Capital Pty Ltd | 193,000,408 | 0.41% |
Search the ASX website for company announcements from LKO
Lakes Blue in the news:
Lakes Oil faces probe from Australian Securities Exchange
November 20, 2013 – The Australian Securities Exchange is looking at allegations that Lakes Oil, an Australian listed gas and oil exploration company, has misled shareholders and the market.
Rinehart’s Lakes Oil in discussion with the Chinese
4 November 2013 – It was announced that Victorian gas company Lakes Oil and China Shengli Oilfield Longxi Petroleum Engineering Company (CSOLPE) of China, has signed a Memorandum of Understanding to investigate a possible joint development of LKO’s permits in Gippsland, Victoria.
Under the MOU representatives of CSOLPE will travel to Melbourne in November to visit Gippsland and to discuss the potential project with state and local governments.
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Rinehart buys strategic stake in Lakes Oil
30 January 2013 – Gina Rinehart’s Hancock Prospecting subsidiary, Timeview Enterprises purchased $4.25 million worth of Lakes Oil convertible notes.
If fully converted into shares, Ms Rinehart would control 18.6 per cent of shares in Lakes Oil.
Ms Rinehart’s investment was made despite Victoria’s moratorium on fracking approvals, which will remain in place until a national framework can be developed later this year.
NSW has previously imposed – then removed – a similar moratorium.
”That has to run its course, but across Australia other state governments have done the same thing, which is fair enough. They have to run these things to ground and we think there will be a similar positive outcome,” Hancock’s chief development officer said said.
”This particular opportunity came to us late last year and we think it has got particularly good upside. It has a great location, with shale gas there is no point having it if it’s not close to the infrastructure where you can do something with it,” he said.
”For us it is not a massive investment, but it is a large stake and we think it is one of these things that is a long-dated option with huge upside and limited downside.”
The Hancock group also own prospective tenements in the Northern Territory.
”They are very early stage but highly prospective and shale oil in particular is a good commodity to be in,” he said.
Friends of the Earth spokesman Cam Walker said the deal with Rinehart ”must concern everyone who is worried about the prospect of an onshore gas industry” in Victoria.
Lakes Oil chairman Robert Annells said the investment should be seen as a vote of confidence in Victoria’s resources sector.
”It’s a good result for the company and it’s a good result for Victoria too, because the mining boom has missed Victoria a little and there is no reason to believe resources end at state borders,” he said.
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Lakes Oil faces probe from Australian Securities Exchange
November 20, 2013 – The Australian Securities Exchange is looking at allegations that Lakes Oil, an Australian listed gas and oil exploration company, has misled shareholders and the market.
It is alleged there is a contradiction between Lakes Oil’s most recent quarterly report and a press release put out in response to claims made by the Greens about the company’s alleged plans to explore for gas in Victoria.
Lakes Oil’s quarterly report, June to September, declared activity in the Otway Basin under licence PEP 163 was “placed on hold due to the ongoing State Government moratorium on hyrdraulic stimulation (fracking)”.
However a media release issued by Lakes Oil in mid-November said the company had already drilled at Moriac and had “no intention of any further drilling or fracking in that area”.
Greens leader Greg Barber said Lakes Oil had blamed the moratorium on fracking for stopping their activities when it really had no intention to continue drilling for gas once the moratorium was lifted.
“The contradiction … indicates that Lakes Oil has failed to disclose information which may have a material effect on the price or value of the entity’s securities, putting it in breach of the ASX listing rules,” Mr Barber’s complaint said.
The Greens released FOI information last week which they said demonstrated “the only thing stopping Lakes Oil in Western Victoria is the moratorium on fracking”.
Lakes Oil executive chairman Rob Annells said the Greens’ claims were damaging, as were claims last week that the company was ready to frack wells near Moriac, between Winchelsea and Torquay, and on a farm at Brucknell.
“They’ve come out with a lot of untruths. It’s misleading our shareholders and the stock market,” Mr Annells said.
The ASX confirmed it had received the complaint.
The following media release from the Victorian Greens is published in full
Gina Rinehart plans to frack Western Victoria
13th November 2013 – The Greens have released Lakes Oil operations plans for unconventional gas fracking on farms in the Bellarine and Otways regions, on the same day Parliament will debate a Greens motion to ban fracking. The plans were obtained by Victorian Greens leader Greg Barber by freedom of information.
“The permits are current. The only thing stopping Lakes Oil in Western Victoria is the moratorium on fracking. Gina Rinehart is waiting for a signal to start,” said Victorian Greens leader Greg Barber
“One operations plan is for a grazing property in Moriac, near Torquay. It is for exploration drilling, with more wells planned if commercial quantities of gas are found.
“The second plan is for a cattle farm near Brucknell, between Port Campbell and Warrnambool, which Lakes Oil expects to produce gas during the exploration stage.
“The potential impacts of both operations include contamination of aquifers, which the Lakes Oil document describes as ‘extremely difficult to predict’, meaning that they can’t predict whether or not it will happen and once drilling starts they can’t do anything to prevent it.
“I’m for farming, fresh water and clean air,” said Mr Barber
Mr Barber’s motion will be debated and voted on this afternoon in Victorian Parliament:
That this House calls on the State Government to implement a permanent ban on the exploration or development of unconventional gas fossil fuels across Victoria.
