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

• Drilling operations at Wombat-5 well ongoing
• Current depth of 1,207 mRT with 71 m progress in last 24 hrs
• Targeting Strzelecki Formation at 1,360 mRT (TVD)

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 well has reached a depth of 1,207 mRT (measured depth), with 71 m of progress made in the last 24 hours. The well is currently drilling through the Latrobe Group formation and is targeting the Strzelecki Formation at a depth of 1,360 mRT (true vertical depth). The 9-5/8' casing has been set at 302.4 mRT (measured depth), and the well is building inclination out to the northeast towards the 7' casing point at approximately 1,548 mRT (measured depth). The drilling operations have been progressing without any lost-time incidents (LTIs).