Lakes Blue Energy NL (AU:LKO) has released an update.
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Lakes Blue Energy NL has successfully completed the sale of its 49% interest in Petroleum Exploration Permit 169, receiving an initial $3 million with a further $3.5 million expected upon finalization of title transfer. This deal also includes future royalties from petroleum production, offering potential financial benefits without the risks of exploration costs. The proceeds will be used to develop Lakes’ Wombat and Trifon/Gangell fields, aiming to drill the Wombat-5 well by mid-2025.
For further insights into AU:LKO stock, check out TipRanks’ Stock Analysis page.
