• $1.48m expended on operating activities, including $1.05m on exploration and evaluation
• Closing cash of $3.55m
• $138k paid to Directors during the quarter

During the quarter, Lakes Blue Energy NL expended $1.48m on operating activities, including $1.05m on exploration and evaluation. The company's closing cash balance was $3.55m, and $138k was paid to Directors. The company has continued to advance funds to Rawson Oil & Gas Limited for activities in South Australia and Papua New Guinea. In Victoria, the company is progressing work toward securing approvals for drilling the conventional Wombat-5 well in the Gippsland Basin and is undertaking rehabilitation projects, including the Lou Yang-2 well in PEP 166. The company is also preparing to drill the Greenslopes-2 and Portland Energy-1 gas wells in the Otway Basin's PEP 175. In Papua New Guinea, the company is investigating options for progressing exploration activity at the Buna prospect in PPL 560. In South Australia, the company, with joint venture partner Vintage Energy Pty Ltd, is continuing investigations of options for development of the Nangwarry-1 well to produce carbon dioxide. The company also has interests in the Roma Shelf Project in Queensland and the Pirie Torrens Oil & Gas Project in South Australia.