Lakes Oil NL announced audited consolidated earnings results for the half year ended December 31, 2012. For the period on consolidated basis, the company reported other revenue of AUD 12,000 against AUD 123,000 for the same period a year ago. Loss before income tax expense was AUD 1,793,000 against AUD 1,481,000 a year ago. Loss for the period was AUD 1,793,000 against AUD 1,481,000 a year ago. Loss attributable to members of the parent was AUD 1,793,000 against AUD 1,481,000 a year ago. Basic and diluted loss per share from continuing operations was 0.02 cents against 0.02 cents a year ago. Net cash flows used in operating activities was AUD 1,389,000 against AUD 1,736,000 a year ago. Payment for property, plant and equipment was AUD 4,000 against AUD 131,000 a year ago.

Lakes Oil NL appointed Alexander Downer AC to the Board as a non executive director with immediate effect. Mr. Downer is the further nominee of the Hancock Prospecting Pty Ltd. subsidiary, Timeview Enterprises Pty Ltd. Mr. Alexander Downer had a long and distinguished political career spanning 23 years, including serving as the Leader of the Opposition from 1994 to 1995 and Foreign Minister of Australia from 1996 to 2007. Prior to entering parliament, he held a number of senior positions in government and the private sector. Mr. Downer has a Bachelor of Arts (Honours) in Politics and Economics and is a Doctor of Civil Laws (honoris causa). He also holds a Doctor of Philosophy from Bar Ilan University. Since retiring from politics, Mr. Downer has applied himself to many commercial and cultural pursuits, including being a visiting professor at Adelaide University, a Special Adviser to the United Nations Secretary General, as partner in his strategic advisory firm Bespoke Approach, as well as sitting on a number of boards.

Lakes Oil NL appointed Professor Ian Plimer to the Board as a Non-Executive Director with immediate effect. Professor Ian Plimer is Emeritus Professor at The University of Melbourne where he was Professor and Head of the School of Earth Sciences (1991-2005).