Wombat-5 Well, Gippsland Basin, Victoria, Drilling Update

• Well has drilled 558 m in the last 24 hours
• Currently at 920 m depth, targeting the Strzelecki Formation
• Well to be drilled vertically to 1100 m, then kicked off to 88° inclination

Lakes Blue Energy has provided an update on the drilling progress of the Wombat-5 well in the Gippsland Basin, Victoria. The well has been drilled for 4 days and has reached a depth of 920 m. In the last 24 hours, the well has drilled 558 m. The well is currently drilling vertically through the Latrobe Group to the kick-off point at approximately 1100 m, where a wiper trip will be conducted back to the 9-5/8' casing shoe before running back to the bottom and kicking off to the northeast to build inclination to 88° at the 7' casing point at approximately 1392 m (true vertical depth). The company has reported no lost-time injuries (LTIs) during the drilling operations.