Key Highlights

  • Metgasco (ASX:MEL) closed at $0.014, White Energy Company (ASX:WEC) at $0.17 and Lakes Blue Energy (ASX:LKO) at $0.28 on 12 November 2026.
  • Declines ranged from 9.68% to 22.22% on the session, against a broader S&P/ASX 200 close of 9,146.80.
  • Metgasco's entitlement offer was announced on 10 November, and the other two updates are for earlier periods, so none is linked to the move.

Three ASX energy companies closed sharply lower on 12 November 2026. Metgasco (ASX:MEL) closed at $0.014, down 22.22%, White Energy Company (ASX:WEC) closed at $0.17, down 15.00%, and Lakes Blue Energy (ASX:LKO) closed at $0.28, down 9.68%. The S&P/ASX 200 closed at 9,146.80, lower by about 6.40 points or roughly 0.07%. The three companies cover gas, coal and onshore gas testing, and each has its own timetable for funding and development.

Metgasco (ASX:MEL): Entitlement Offer to Fund Odin and Vali Work

On 10 November 2026 Metgasco announced a partially underwritten renounceable entitlement offer of five new shares for every one held, at 1.1 cents per share, to raise up to about $2.02 million before costs. Each new share carries one free attaching option exercisable at 1.7 cents. The Record Date is 7.00pm (AEST) on 13 November 2026.

PAC Partners has underwritten up to $1 million of the offer, and Glennon Small Companies has agreed to sub-underwrite up to the same amount through a set-off of its debt. Proceeds are intended for well planning at Odin-3 and Vali-4, pre-drilling work on the Thaldra oil prospect and the Odin permanent connection.

White Energy Company (ASX:WEC): Coal Acquisitions and Capital Raising

White Energy's quarterly report, dated 30 October 2026, covered the September quarter and several acquisitions completed after it. These include the South Galilee Coal Project in Queensland from the AMCI Group, the Oceltip Coal 2 acquisition, which holds the Tin Hut Creek project in the Surat Basin, and the Essential Global Resources acquisition, which holds the Lolley No. 1 metallurgical coal project in Alabama.

The company completed a $15 million capital raising to support the expanded portfolio. Preliminary geochemical work at Specimen Hill near Biloela identified copper, gold and silver vectors, and results from drillhole C26MR08 are pending.

Lakes Blue Energy (ASX:LKO): Wombat Gas Field Testing

Lakes said production testing at its wholly owned Wombat Gas Field had reached a pressure build-up stage, with a workover and propellant-enhanced perforation programme planned next. All regulatory approvals for perforation, stimulation and flow testing are now in place, and the company expects works on site to start in mid-November.

Gas shows came from all three principal gas sand packages during drilling. Lakes is also planning drilling at the Portland Energy Project in the first half of 2027, subject to approvals, and is evaluating its Nangwarry CO2 Project.

Final Word

The three companies sit at different points, from a gas testing phase and a funding raise to a coal portfolio built through acquisitions. The falls on 12 November came without a same-day release from any of them, and the coming testing results, the Metgasco offer outcome and White Energy's pending drill results will be the next checkpoints.