The funds raised will be used for the company's ongoing exploration program due to commence in December with Wombat-1, followed by Trifon-2 both in PEP 157, onshore Gippsland, in Victoria together with the proposed drilling of Barwon-1 in PEP 163 onshore Otway Basin, also in Victoria.
Lakes is also reviewing offshore gravity survey data for onshore and offshore prospects which have been identified by the gravity surveys.
Placement of 50 million of the shares is subject to shareholders approval at the Annual General Meeting to be held on Friday 28 November 2003.
In August the company launched a share purchase plan (SPP) to allow shareholders to top up their interests and to raise money for the Jones Bay-1 well.
Shareholders were able to buy up to $3,600 in shares at a price of 1.8 cents, which the company said was at a 10% discount to the Lakes Oil share price from the August 12 closing price.
