Ann: Entitlement Offer Document, page-2

The Board of Directors of Lakes Oil NL (Lakes Oil or Company) (ASX: LKO) todaylaunched a non-renounceable entitlement issue of one (1) fully paid ordinary share(Share) for each five (5) Shares held by eligible security holders to raise up to $6.13million (Entitlement Offer).The proceeds of the Entitlement Offer will be used to:• undertake exploration drilling and testing activity in the onshore Otway Basin inSouth Australia; and• fund ongoing Company costs, including planning for and management ofexploration activities, corporate overheads, capital raising costs and the cost oflegal proceedings against the Victorian Government.All new shares will rank equally with existing Shares on the date of issue.An Appendix 3B in relation to the Entitlement Offer has been lodged.Key indicative dates*Announcement of Offer 19 December 2018Lodgement of Cleansing Notice, Offer Document andAppendix 3B with ASX19 December 2018Notice sent to security holders 21 December 2018Ex Date 24 December 2018Record Date for determining entitlements 27 December 2018Offer Document despatched to eligible security holdersand Company announces despatch has been completed2 January 2019Closing Date 1 February 2019Shares quoted on a deferred settlement basis 4 February 2019ASX notified of under subscriptions 6 February 2019Issue date 8 February 2019*The above timetable is indicative only and subject to change.Offer DocumentFurther details about the Entitlement Offer, including how eligible security holdersmay apply for their entitlement, will be set out in the Offer Document to be sent toeligible security holders on or around 2 January 2019