• Spudding of Wombat-5 well in Victoria's Gippsland Basin, targeting near-term gas supply
• Wombat Gas Field hosts 2C contingent resource of 329 BCF, part of 719 BCF1 resource
• Wombat-5 targeting Strzelecki Formation with potential to deliver up to 10 TJ/day2 of gas

Lakes Blue Energy NL (ASX: LKO) has officially commenced drilling of the Wombat-5 conventional gas well at the Company's 100%-owned Wombat Gas Field in Victoria's onshore Gippsland Basin. The Wombat-5 well was spudded at 6am on 1 August 2025 and will be drilled as a horizontal well to a planned total depth of approximately 3,050 metres (1,420 true vertical depth), targeting the gas-bearing zones of the Strzelecki Formation. The Wombat Gas Field hosts a 2C contingent resource of 329 BCF, which is part of a combined 719 BCF1 resource including the adjacent Trifon-Gangell field. The well is designed to confirm reservoir deliverability and support future development of the field, which is in close proximity to existing infrastructure including the Longford gas hub and major east coast transmission pipelines, providing a potential low-cost pathway to market. Drilling and completion of Wombat-5 is expected to take approximately four weeks, after which the well will undergo production testing. Subject to results, the Company will evaluate options for further extended testing and potential tie-in to sales infrastructure.

The Wombat-5 well is targeting the Strzelecki Formation, with independently assessed potential to deliver up to 10 TJ/day2 of conventional gas.