Lakes Oil NL (LKO)

Shares / Stock Code

LKO

Stock Exchange / Sharemarket

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Lakes Oil (LKO) is an oil and gas exploration company. The company holds interests in petroleum exploration permits and licences in Victoria, South Australia, Queensland and in the USA. Lakes Oil NL is the oldest Australian oil and gas explorer still operating in the country. It was listed on the Australian stockmarket (ASX) on 5 December 1985. Its head office is in Melbourne.

The company holds a vast amount of petroleum exploration permits, which are diversified geographically. LKO is investigating using new centrifuge technology to separate water from oil at the Hunters Lane-1 well located in the Lakes Entrance Field.

Most oil is sold into global spot markets, whilst gas is typically sold under long-term contract arrangements with utilities, large industrial users and steel plants. Key competitors include Bounty Oil & Gas (BUY), Rio Tinto and BHP.