• Lakes Blue Energy receives consent to drill Wombat-5 well in Petroleum Retention Lease 2
• Wombat field has independently certified 3291 PJ of gas, part of 719PJ across the permit
• Previous Wombat wells have yielded flows of 100,000 to 3,000,000 cubic feet per day

Lakes Blue Energy NL (ASX:LKO) has received consent from the Victorian State Minister for Energy and Resources to drill the Wombat-5 well in Petroleum Retention Lease 2. The approval is subject to the company agreeing and paying rehabilitation bonds for the surface preparation works and the drilling and decommissioning of the well. The stage 1 rehabilitation bond has been agreed and paid, and LKO is hopeful of having the stage 2 bond agreed and paid by 30 June 2025. LKO has entered into an agreement with Condor Energy Services Limited for the supply of their Rig #1 to drill the proposed 1.5 km lateral well, with mobilization and establishment planned for the week of 14 July 2025 and an estimated spudding date of the week of 21 July 2025. The Wombat field in PRL 2 hosts an independently certified 3291 Peta Joules (PJs) of gas as part of a combined resource of 719PJs across the permit, including the Trifon and Gangell fields. Previous drilling and testing of the Wombat 1-4 wells have yielded flows ranging from 100,000 to 3,000,000 cubic feet per day, and independent assessment suggests that target rates of up to 10mmcfd (approx 10TJ per day) are achievable from the proposed 1.5km lateral in the target zone of Wombat 5. The well is budgeted at $7.5m and estimated to take 25 days to drill and 14 days to test.

The board and management are encouraged by the previous flow tests across the Wombat Field, and the substantial size of the resources on the permit and the robust gas market outlook in Victoria support the company's enthusiasm over the targeted outcomes for Wombat-5.