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Lakes Blue Energy NL ( (AU:LKO) ) has provided an announcement.
Lakes Blue Energy NL has completed the sale of its 49% interest in the Victorian Petroleum Exploration Permit 169, receiving a total of $6.5 million in proceeds, with the final payment of $3.5 million having been received. The company will also benefit from a royalty arrangement, gaining approximately 4% of the wellhead value of any petroleum produced under the permit. The proceeds will be used to commercialize Lakes’ 100% owned Wombat and Trifon/Gangell fields, focusing on the drilling of the Wombat-5 well. This transaction allows Lakes to concentrate on its core assets while maintaining potential revenue from future petroleum production without incurring exploration or production costs.
More about Lakes Blue Energy NL
Lakes Blue Energy NL is a company involved in the energy sector, focusing primarily on petroleum exploration. The company’s market focus includes the exploration and potential production of petroleum, and it is currently advancing its projects in the Gippsland Basin with significant contingent gas resources.
Average Trading Volume: 15,000
Technical Sentiment Consensus Rating: Sell
Current Market Cap: A$57.83M
See more insights into LKO stock on TipRanks’ Stock Analysis page.
