Lakes Blue Energy NL (AU:LKO) has released an update.
Lakes Blue Energy NL has completed the sale of its 49% stake in Petroleum Exploration Permit 169 for a total of $6.5 million, receiving the first payment of $3 million. The remaining $3.5 million will be paid upon the transfer registration, and the company will earn future royalties from petroleum production. The proceeds will be used to advance drilling projects in their Wombat and Trifon/Gangell gas fields, positioning Lakes for potential growth in the energy sector.
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