Our History

Portfolio of World-Class Exploration Opportunities with a Focus on Victoria

 

The Beginning

Lakes Blue Energy NL (ASX: LKO) is Australia’s longest-standing petroleum exploration company.

Originally incorporated as Lakes Oil Limited in 1946, the Company was listed on the ASX on 19 April 1955. In 1959 it was acquired and delisted by Woodside.

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Resurrection

The company was reacquired from Woodside and re-listed on the ASX on 5 December 1985.

With a dedicated focus on onshore petroleum exploration onshore in Victoria, Lakes Oil steadily built a portfolio of highly prospective acreage across the state.

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Establishing a Victorian Stronghold

Between re-listing in 1985 to 2012, Lakes Oil invested approximately $100 Million in exploration, drilling multiple wells and establishing itself as Victoria’s leading onshore exploration company.

By the end of 2012, Lakes Oil had certified contingent gas resources in the Gippsland Basin.

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Exploration Hiatus

Plans to commercialise these resources were stalled by the Victorian Government’s onshore exploration ban introduced in in 2012/2013.

The ban was lifted mid-2021, and with the introduction of a new regulatory regime now complete, exploration within Victoria is once again permitted.

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Strategic Diversification

During the Victorian hiatus, Lakes Oil diversified its portfolio by acquiring new exploration acreage in Queensland, South Australia and Papua New Guinea.

Key milestones included the drilling of the Nangwarry-1 well in South Australia(2019) and the Wellesley-2 well in Queensland (2022).

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Today

With the Victorian exploration ban lifted, Lakes Oil – now known as Lakes Blue Energy – is once again focused on advancing its world-class Victorian assets.

Through the sale of its interest in PEP 169, the Company has secured funding and is now fully focused on unlocking value from its flagship Wombat Gas Field.