• Drilling operations update on Wombat-5 well in Gippsland Basin, Victoria
• Drilling contractor running back to bottom after issue with directional survey tool
• Continuing to kick off and build inclination to 7' casing point at ~1,548 mRT (MD)

The Board of Lakes Blue Energy has provided an update on the drilling operations at the Wombat-5 well in the Gippsland Basin, Victoria, as of 8:00 am AEST this morning. The current status of the well is as follows: Days from spud - 6, Current depth - 1036 mRT (MD), 24 hrs progress - 37 m, Hole size - 8-1/2', Last casing point - 9-5/8' set at 302.4 mRT (MD), Current formation - Latrobe Group, Target formation - Strzelecki Formation, Target formation depth - 1360 mRT (TVD). The drilling contractor is running back to bottom after having to pull the directional bottomhole assembly (BHA) from the hole following an issue with the directional survey tool. Once at the surface, the issue was resolved, and the BHA is currently being run back into the hole to continue kicking off and building inclination out to the northeast to the 7' casing point at approximately 1,548 mRT (MD).