NewPeak Metals (ASX:NPM) Sale Agreement Announcement

NewPeak Metals Ltd (ASX:NPM) has announced the execution of an Asset Sale and Purchase Agreement (ASPA) by Lakes Blue Energy NL (ASX:LKO) to sell their 49% interest in Victorian Petroleum Exploration Permit 169 (PEP 169) to ADZ Energy Pty Ltd. The consideration for the sale includes A$3.0 million cash upon completion, an additional A$3.5 million upon transfer registration, and a future royalty on net revenue from petroleum sales from ADZ's existing 51% share of PEP 169.

Executive Commentary on Sale Agreement

Proceeds from the sale of the 49% interest in PEP 169 will be prioritised for the commercialisation of the Wombat and Trifon/Gangell gasfields in Gippsland. Lakes Blue Energy NL is actively working towards securing approval for drilling the conventional Wombat-5 well, with plans for drilling targeted in the second quarter of 2025. NewPeak Metals Ltd, as the largest shareholder in Lakes Blue Energy NL, looks forward to the value creation for its shareholders through Lakes' business activities.

Summary of Sale Agreement and Future Plans

Lakes Blue Energy NL has executed an Asset Sale and Purchase Agreement to sell their 49% interest in Victorian Petroleum Exploration Permit 169 (PEP 169) to ADZ Energy Pty Ltd. The consideration for the sale includes A$3.0 million cash upon completion, an additional A$3.5 million upon transfer registration, and a future royalty on net revenue from petroleum sales from ADZ's existing 51% share of PEP 169. The proceeds from the sale will be prioritised for the commercialisation of the Wombat and Trifon/Gangell gasfields in Gippsland, with plans to secure approval for drilling the conventional Wombat-5 well in the second quarter of 2025. NewPeak Metals Ltd, being the largest shareholder in Lakes Blue Energy NL, anticipates value creation for its shareholders through Lakes' business activities.