Lakes Blue EnergyNewPeak holds 30% of Lakes Blue, formerly Lakes...

Lakes Blue Energy

NewPeak holds 30% of Lakes Blue, formerly Lakes Oil NL (ASX:LKO), an oil and gas explorer/developer in Australia and Papua New Guinea. The company has been impacted by the moratorium in Victoria which has banned onshore exploration of gas since 2012. This ban is being lifted from July 2021, which will allow the resumption of activities in the state. The key focus for the company recently has been the Nangwarry-1 well in South Australia, where the company hopes to produce food-grade carbon dioxide.

The shares were suspended from trading on the ASX in October 2019, due to the late filing of the company’s 2019 annual report following a dispute with the Australian tax authorities over a 2013/14 research development grant.

Lakes Blue hopes to begin trading again soon, which will allow investors to value this component of NewPeak’s portfolio, and/or a sale of the LKO position could give the company a significant source of cash to finance its Gold exploration.