Lakes Blue Energy NL (LKO) is Australia’s oldest operating petroleum exploration company.

Originally named 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.

The shelf company was acquired from Woodside and on 5 December 1985 Lakes Oil was re-listed on the ASX.

With a specific focus on petroleum exploration onshore in Victoria Lakes Oil progressively acquired a portfolio of highly prospective exploration acreage.

In the period from, re-listing in, 1985 to 2012 Lakes Oil spent approximately $100 Million drilling multiple exploration wells and becoming Victoria’s pre-eminent onshore exploration company.

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

Lakes Oil’s plans to commercialise its Gippsland gas resource were frustrated by an onshore exploration ban introduced by the Victorian Government in 2012/2013.

The exploration ban was lifted mid-2021 and, with promulgation of a new regulatory regime subsequently completed, exploration should now again be possible within Victoria.

Unable to explore in its home-state of Victoria until 2021, Lakes Oil necessarily ‘reinvented’ itself by diversifying its portfolio through 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 Wellesley-2 well in Queensland.

With the Victorian exploration ban lifted, Lakes Oil (now known as 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.