Ann: Entitlement Offer Outcome, page-2

Poor uptake, although most directors seem to have taken up their full entitlement.  I wonder why not all directors did????

The Directors of Lakes Oil NL (Lakes Oil or Company, ASX:LKO) are pleased toadvise that the Company’s 1 for 5 Non-Renounceable Entitlement Offer closed on 15February 2019. The Company received subscriptions totalling approximately $2.08million (subject to final review), leaving a shortfall of $4.05 million.The Entitlement Offer was strongly supported by Director’s with a majority of Directorstaking up their entitlements in full.The Entitlement Offer was announced on 19 December 2018 and opened on 2 January2019. A key purpose of the Entitlement Offer was to raise funds for drilling of theNangwarry-1 well in the South Australian portion of the onshore Otway Basin.Given the response to the Entitlement Offer the Company is pleased to confirm that it isnow able to enter into arrangements for drilling of the Nangwarry-1 well, forprocurement of long-lead items and for land access. Relevant commitments will bemade shortly and will be separately announced, with spudding of the well now expectedfor May 2019.Drilling of the Nangwarry-1 well will be significant for Lakes Oil given the size of theNangwarry prospect and that fact that it is geographically similar to the Company’sVictorian acreage, drilling of which should be possible by mid-2020 when the VictorianGovernment’s present exploration ban expires.The Nangwarry prospect has an Unrisked Prospective Resource Best Estimate of 28.5billion cubic feet (net to the Company).