Join our daily newsletter At The Bell to receive exclusive market insights
- The work programs for Lakes Blue Energy (LKO) Victorian exploration tenements have been approved by the Victorian government
- Lakes is now able to continue on-ground exploratory operations in Victoria and work programs are now authorised
- Work underway to secure approvals for drilling of Wombat-5 and Otway-1 conventional wells in Victoria
- Onshore petroleum exploration was initially banned in Victoria in August 2012, until June 30, 2020, but exploration activities were not practically possible until November 2021, when new Petroleum Regulations were promulgated
- Lakes Blue Energy (LKO) last traded at 0.1 cents on February 28
The Victorian Department of Jobs, Precincts and Regions has approved Lakes Blue Energy (LKO) proposed work programs for its Victorian petroleum exploration tenements.
Although the work programs are unchanged from those that were in place prior to the August 2012 introduction of the Victorian exploration ban, following the passing of the Petroleum Legislation Amendment Act 2020, which amended the Petroleum Act 1998, the company was required to resubmit programs for approval.
Once accepted, the work programs become conditions of the corresponding tenements.
Lakes is now able to continue on-ground exploratory operations in Victoria, with the exploration restriction removed on July 1, 2021, the new governing regulatory framework in place from November 2021, and work programs now authorised.
Work is underway toward securing approvals for drilling of the Wombat-5 and Otway-1 conventional wells. Subject to receipt of approvals, it is envisaged drilling will commence around mid-2022.
Onshore petroleum exploration was initially banned in Victoria in August 2012. The ban was legislatively formalised in 2017 through the passing of the Resources Legislation Amendment (Fracking Ban) Act 2017.
The Fracking Ban Act permanently banned fracking and coal seam gas exploration and put in place a ban on all other petroleum exploration until 30 June 2020.
The Petroleum Legislation Amendment Act 2020 was passed by the Victorian Government in June 2020.
Although the ban on onshore petroleum exploration formally expired on June 30, 2021, exploration activities were not practically possible until November 2021, when new Petroleum Regulations were promulgated.
Lakes Blue Energy (LKO) last traded at 0.1 cents on February 28.
