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Lakes Oil NL is an Australia-based oil and gas explorer. The principal activities of the Company consist of exploration for oil and gas within Australia. The Company operates through two segments: exploration for hydrocarbon reserves, principally in on-shore regions of Victoria, Australia and investment in entities engaged in the renewable energy sector. It holds interest in Petroleum Retention Lease (PRL) 2 and 3. It holds interest in Petroleum Retention Permit (PRP) 166 and 169. It holds interest in PRP 163, 167 and 175. It holds interest the Gippsland Basin permits, which are located offshore in Victorian waters. It holds interest in Queensland Petroleum Exploration Permits, ATP 642P and ATP 662P, which are located on the northern flank of the Cooper and Eromanga Basins. It holds interest in the Eagle Prospect. The Company also has petroleum exploration acreage in South Australia. It has interests in the Wellesley Prospect and the Major East Lead.