Lakes Blue Energy Secures $3M from Exploration Permit Sale

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

Lakes Blue Energy NL has successfully completed the sale of its 49% stake in Petroleum Exploration Permit 169, receiving an initial $3 million with an additional $3.5 million expected upon title transfer registration. This transaction not only boosts Lakes’ capital for developing its Wombat and Trifon/Gangell fields but also secures future royalties from petroleum production. The company plans to reinvest the proceeds into advancing its drilling operations, targeting mid-2025 for the Wombat-5 well.

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