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

• Drilling operations ongoing at Wombat-5 well, side-track-2 (ST-2)
• Current depth of 1,394 mRT, with 24 hrs progress of 0 m
• Contractor running new directional Bottom Hole Assembly (BHA) into the hole

The Board of Lakes Blue Energy has provided an update on the drilling operations at the Wombat-5 well, side-track-2 (ST-2), in the Gippsland Basin, Victoria. As of 8:00 am AEST today, the well has reached a depth of 1,394 mRT (measured depth) with no progress made in the last 24 hours. The contractor has begun running the new directional Bottom Hole Assembly (BHA) into the hole, with the activity currently paused while surface fluid volumes are restored. Once the fluid volumes are restored, the BHA will be run into the hole to drill ahead at an 8-1/2' diameter to the 7' casing point, at approximately 1,530 mRT (MD). The well is currently at an angle of 53 degrees, and the top of the Strzelecki Formation is expected to be encountered within 20 metres TVD (around 200 metres MD) following the resumption of drilling.