LAKES BLUE ENERGY NL — Director's Dealing 2012

May 10, 2012

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LAKES OIL NL

A.C.N. 004 247 214

Lakes Oil N.L.

ASX Announcement And Media Release 11 May 2012

Appointment of Alternate Director

The Company wishes to advise the appointment of alternate director, Mr. Matthew Stubbs, as alternate for Mr. William Stubbs who will be overseas until 6 July 2012.

Mr. Matthew Stubbs is currently the Managing Director of Allier Capital, a Sydney based merchant bank.

Attached is an Appendix 3X for Mr. Matthew Stubbs.

Lakes Oil NL

Leslie Smith Company Secretary

Registered Office: Level14, 500 Collins Street Melbourne Vic 3000 Ph: +61 3 9629 1566

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Appendix 3X Initial Director’s Interest Notice

Rule 3.19A.1

Appendix 3X

Initial Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity Lakes Oil NL ABN 62 004 247 214

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Matthew Stubbs
Date of appointment	10 May 2012

Part 1 - Director’s relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

Nil

• See chapter 19 for defined terms.

Appendix 3X Page 1

11/3/2002

Appendix 3X Initial Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest Number & class of Securities Note: Provide details of the circumstances giving rise to the relevant interest. Nil

Part 3 – Director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Nil
Nature of interest	N/a
Name of registered holder (if issued securities)	N/a
No. and class of securities to which interest relates	N/a

• See chapter 19 for defined terms.

Appendix 3X Page 2

11/3/2002