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

• Well drilled, cased, and cemented to 7' casing point in Strzelecki Formation
• Increasing natural gas shows of methane, ethane, propane, butane, and pentane
• Anticipate increasing gas shows as 1,500m horizontal well is drilled to target depth

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 on September 8, 2025, the well has been drilled, cased, and cemented to the 7' casing point at 1,549.1 mRT MD, approximately 35 m vertically into the Strzelecki Formation, the gas resource reservoir host. The well is currently at an 87.5-degree inclination from vertical at the drill bit. The company has reported that natural gas shows of methane, ethane, propane, butane, and pentane continued to be recorded in increasing quantities, up to 35 units or 7,000 parts per million, in the 11 pounds per gallon drilling mud as drilling continued into the Strzelecki Formation. These natural gas shows are encouraging, as they build on the early gas shows of up to 12 units or 2,400 parts per million and are consistent with previous drilling evidence from the Wombat-2 and Wombat-3 wells. Lakes anticipates increasing intensity of natural gas shows as the proposed 1,500 metre horizontal well is drilled from the 7' casing point to the target overall drilling depth of 3,050 mRT MD.

Lakes anticipates increasing intensity of natural gas shows as the proposed 1,500 metre horizontal well is drilled from the 7' casing point to the target overall drilling depth of 3,050 mRT MD.