Lakes Blue Energy acquisition of PRL 2

Lakes Blue Energy NL (Lakes, ASX: $LKO) has finalized the acquisition of full ownership of Petroleum Retention Lease 2 (PRL 2) in Gippsland, Victoria. This acquisition includes the Trifon/Gangell Gas Fields, which holds independently certified contingent gas resources totaling 719 Billion cubic feet.

Executive Commentary on Acquisition

The acquisition of full ownership of PRL 2, including the Trifon/Gangell Gas Fields, marks a significant milestone for Lakes Blue Energy. This strategic move aligns with our vision to commercialize and bring these gas resources into production, contributing to the long-term growth and development of the company.

Summary of Lakes Blue Energy's Acquisition

Lakes Blue Energy (ASX: $LKO) has successfully acquired full ownership of Petroleum Retention Lease 2 (PRL 2) in Gippsland, Victoria, including the Trifon/Gangell Gas Fields with independently certified contingent gas resources totaling 719 Billion cubic feet. The company's integrated approach to the development of the Wombat and Trifon-Gangell Gas Fields aims to support steady gas sales over a 20-year period, with an estimated conventional sales gas potential of at least 20 PJ/a. This acquisition reflects Lakes Blue Energy's commitment to leveraging its resources for sustainable growth and development.