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

• Drilling operations ongoing at Wombat-5 well, side-track-1 (ST-1)
• Current depth of 1,091 mRT, with no progress in last 24 hours
• Necessary equipment arrived to remove stuck drill-string, followed by sidetracking

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 reached a depth of 1,091 mRT (measured depth), with no progress made in the last 24 hours. The necessary equipment has now arrived on-site to sever the drill-string above the sticking point, enabling the free section of the drill-string to be removed from the hole. Following the retrieval of the free drill-string, a cement plug will be set. Subject to a review of the Contractor's report on the mud pump failure, the well will then be sidetracked around the stuck section of the drill-string and drilled towards the 7' casing point at approximately 1,548 mRT (measured depth). The company remains committed to safely and efficiently progressing the drilling operations at the Wombat-5 well.