• Well status at 2,297 m MD, 1,403 m TVD
• Horizontal length of 745 m
• Further gas shows encountered during well path correction
• Rotary steerable assembly to be run to target depth of ~3,050 m MD

The Board of Lakes Blue Energy is pleased to provide 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 2,297 m measured depth (MD) and 1,403 m true vertical depth (TVD), with a horizontal length of 745 m. After correcting the well path by dropping the inclination of the hole back to the desired 87.2°, further gas shows of up to 458 units or 91,600ppm (9.16% C1 to C5) were encountered. The downhole motor assembly has been pulled from the hole and will be replaced with a rotary steerable assembly (RSS) to continue drilling towards the target formation, the Strzelecki Formation, at an approximate depth of 3,050 m MD. The company notes that no resistance or debris was encountered during the removal of the downhole motor assembly, further confirming the good condition of the hole. This announcement was authorized by the Board of Lakes Blue Energy.