Ravi:
LKO should have issued a press release confirming that the Victorian government has granted them a reservation permit for the Wombat wells with contingent reserves of 720 billion cubic feet of gas in place....that is almost 3 times the amount of gas in the Sole offshore field that Cooper Energy are going to develop for around $500 million.....funny how that has got plenty of media exposure though.
This bullshit of no commercial gas onshore needs to be discredited by LKO ASAP.
See where Origin Energy want the Victorian government to give them a permit to conduct seismic surveys on Lakes Oil permits. I would say that all the delaying tactics taken by the Victorian Governments have been to the detriment of all LKO shareholders and the end result has always been that the permits would be forfeited when Lakes Oil ran out of funding.
12.2 TRILLION cubic feet of gas is in the region of $52 billion AUD at the current spot price and exchange rate.
A conservative profit margin of around 5% and there is your $2.7 billion dollar lawsuit for lost profit.
The "derogation of grant" writ will be an open and shut case....Andrews will try to settle but hopefully the two Queensland wells will generate sufficient revenue to ensure settlement is out of the question and it goes to court unlike the METGASCO debacle.
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