• Wombat-5 well drilling continues in Gippsland Basin, Victoria
• Well has reached 1,242 m measured depth, gently building inclination
• Targeting Strzelecki Formation at 1,360 m true vertical depth

Lakes Blue Energy has provided an update on the drilling operations at the Wombat-5 well, side-track-2 (ST-2), located in the Gippsland Basin, Victoria. As of 8:00 am AEST today, the well has reached a depth of 1,242 m measured depth (MD) and has been drilling through the Lower Latrobe Group formation. The well has gently built inclination up to 22° towards the northeast and will continue to build inclination up to 88° before intersecting the target Strzelecki Formation at an estimated true vertical depth (TVD) of 1,360 m. A wiper trip conducted from 1,100 m back to above the coals indicated that the hole is in good condition. The next step will be to run and cement the 7' casing in place before commencing the drilling of the 6-1/8' horizontal section.