Lakes Blue Energy Capitalizes on Major Asset Sale

Lakes Blue Energy NL (AU:LKO) has released an update.

Lakes Blue Energy NL has successfully negotiated the sale of its 49% interest in Petroleum Exploration Permit 169 to ADZ Energy Pty Ltd for A$6.5 million and future royalties on petroleum sales. This strategic move will enable the company to focus on and fund the drilling of the Wombat-5 well, a project expected to tap into a significant gas resource that could fulfill 10% of Victorian gas demand. The deal is set to boost shareholder value and facilitate the company’s growth in the energy sector.

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