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

• Drilling operations ongoing at Wombat-5 well, side-track-2 (ST-2)
• Current depth of 1,552 mRT MD; 1,392.6 mRT TVD
• Preparations underway to commence 1,500 metre horizontal well drilling through gas production zone

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 1,552 mRT MD; 1,392.6 mRT TVD, with 0 metres of progress from the previous update. The well is currently drilling through the Strzelecki Formation, with the target formation also being the Strzelecki Formation at a depth of 1,410 mRT MD; 1,356 mRT TVD. Following the successful running and cementing of the 7' casing to 1,549 mRT MD, preparations are underway to commence the drilling of the proposed 1,500 metre horizontal well through the gas production zone of the upper Strzelecki within the next 24 hours. The company has not reported any lost-time injuries (LTIs) during the drilling operations so far.