Australia's Lakes Blue Energy soars on reaching settlement for gas site dispute
BUZZ-Australia's Lakes Blue Energy soars on reaching settlement for gas site dispute ** Shares of Australia's Lakes Blue Energy LKO.AX rise as much as 25.3% to A$0.495, biggest intraday pct gain since June 2
** The oil and gas co says legal settlement for the Wombat-5 gas drilling site case has reached favorable terms
** in Sept 2025, co announced it entered a legal dispute with two of the suppliers for the site; the case relates to recovery of costs of upto A$3.5 million ($2.47 million) incurred due to loss of equipment
** Co says it reached an agreement with one of the suppliers for a cash settlement of about A$1.3 million
** Notes co and second supplier were unable to come to an agreement and it is proceeding to a litigation
** Despite today's moves, stock down 68.5% YTD
($1 = 1.4188 Australian dollars)
($1 = 1.4170 Australian dollars)
(Reporting by Aamir Sheik Khalid in Bengaluru)
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