NewPeak Metals (ASX:NPM) said Lakes Blue Energy (ASX:LKO) received the final AU$3.5 million in proceeds from the AU$6.5 million sale of its 49% interest in Victorian Petroleum Exploration Permit 169, according to a Tuesday filing with the Australian bourse.
Lakes Blue Energy will receive around 4% of the wellhead value of any petroleum produced from exploration permit 169, the filing said.
The company holds roughly 17% of Lakes Blue Energy shares, per the filing.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.