Eyelet Lace 86 in the round

PATTERN IN THE ROUND
Cast on a multiple of 18 stitches.
Round 1: Knit.
Round 2: Knit.
Round 3: *[P2tog] 3 times, [yo, k1] 6 times, [P2tog] 3 times, repeat from *.
Round 4: Purl.
Repeat rounds 1-4.
Worked flat, see Eyelet Lace 86: Old Shale variation stitch