Lakes Blue Energy NL (ASX: LKO) achieved a significant milestone by successfully executing the Asset Sale and Purchase Agreement to sell its 49% interest in Victorian Petroleum Exploration Permit 169. This achievement, announced on 27 June 2024, exemplifies its unwavering dedication to delivering value to its stakeholders. Upon completion, Lakes Blue Energy NL will receive AU$3.0 million in cash, coinciding with the expected one-year extension of the permit's term. Additionally, upon the ownership transfer registration to ADZ Energy Pty Ltd, an extra AU$3.5 million will be received. ADZ will also receive a future net royalty from petroleum sales from its 51% share of Victorian Petroleum Exploration Permit 169.
The proceeds from this transaction will be strategically allocated to commercialize the extensive Wombat and Trifon/Gangell gas fields in Gippsland. This forward-thinking approach demonstrates its commitment to long-term planning and the future growth of its company. Notably, efforts to secure approval for drilling the conventional Wombat-5 well are underway.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
