Energy Stocks Lower: ADX, Kalina Power and Lakes Blue in Focus

Sonal Goyal

03 November 2026 04:30 PM AEDT

Energy Stocks Lower: ADX, Kalina Power and Lakes Blue in Focus

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Key Highlights

Lakes Blue Energy (ASX:LKO) traded at 24.5 cents during the 3 November 2026 session, down 9.26%, the highest-priced stock in this group.
ADX Energy (ASX:ADX) and Kalina Power (ASX:KPO) both traded at about 1 cent, each down 8.33%.
Each company has reported project progress, with the ADX funding agreement dated 2 November and the other two updates dated 30 October.
The S&P/ASX 200 eased about 0.12% to 8,846.20 in the same session.

Three small energy names fall together

Three ASX energy companies traded lower in the 3 November 2026 session. Lakes Blue Energy NL (ASX:LKO) fell 9.26% to 24.5 cents, while ADX Energy Ltd (ASX:ADX) and Kalina Power Ltd (ASX:KPO) each dropped 8.33% to about 1.1 cents. The S&P/ASX 200 eased about 0.12%, or 10.30 points, to 8,846.20 over the same session. The companies are at different stages, from gas testing to power project development.

Lakes Blue Energy (ASX:LKO)

Lakes' quarterly report, released on 30 October 2026, said production testing at its wholly owned Wombat Gas Field had progressed with pressure build-up complete. All regulatory approvals for perforation, stimulation and flow testing are now in place, and the company expects works to start in mid-November. Gas shows from all three principal gas sand packages confirmed contribution from each zone.

ADX Energy (ASX:ADX)

ADX announced on 2 November 2026 that it had executed an Energy Investment Agreement with Empyrean Energy on 30 October. Empyrean will fund 20% of drilling and testing costs for the GOLD-1 well, about EUR 555,400, for a 10% economic interest. The well is scheduled for January 2027 on a rig slot ADX has secured.

Kalina Power (ASX:KPO)

Kalina's quarterly report, released on 30 October 2026, described Demand for data centre power in Alberta exceeding 16 gigawatts during the quarter. The company said its Clusters 2 and 3 projects are advancing through the AESO connection queue, and it reported about A$11.4 million in cash with no debt.

Sector context

Gas and power developers in Australia and North America are responding to rising demand from data centres and to tighter gas markets. Project timing often depends on approvals, gas Supply and grid connection queues, which can move project dates considerably.

Risks

Each company faces project risk. Lakes' testing results are not yet known and depend on works starting on schedule. ADX's drilling depends on the rig timetable and on the funding partner. Kalina's projects depend on grid connection timing and regulatory approvals.

What to watch next

Investors will be watching Lakes' flow testing from mid-November, ADX's drilling at GOLD-1 from January 2027 and Kalina's progress through the AESO queue.

The Final Word

The three energy stocks traded lower on 3 November 2026. Their recent updates covered gas testing, a funded well and grid-connected power projects, with the key timelines still ahead.

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