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

• Drilling operations at Wombat-5 well, side-track-1 (ST-1) in Gippsland Basin, Victoria
• Drilling progress halted due to simultaneous failure of both mud pumps, causing loss of mud circulation
• Remediation works underway to re-establish circulation and resume drilling

The Board of Lakes Blue Energy has provided an update on the drilling operations at the Wombat-5 well, side-track-1 (ST-1) in the Gippsland Basin, Victoria. As of 8:00 am AEST today, the well has been drilled to a depth of 1,091 meters measured depth (mRT) and its inclination has been built up to approximately 5 degrees. After successfully kicking off the well at 1,050 mRT toward the northeast, the drilling progress was halted due to a simultaneous failure of both mud pumps, resulting in a loss of mud circulation in the hole. The mud pumps, owned and operated by the drilling contractor, are required to circulate the mud that carries the cuttings from the drill bit back to the surface. The cause of the pump failure is still under investigation. Remediation works are being conducted to re-establish the mud circulation and resume the drilling operations.