• Wombat-5 well drilling operations completed
• Significant gas shows encountered during drilling
• Well secured for upcoming flow testing

Lakes Blue Energy has announced the completion of drilling operations at the Wombat-5 well in the Gippsland Basin, Victoria. The well reached a total depth of 3,052 meters measured depth (1,421 meters true vertical depth) after 60 days of drilling. Significant gas shows were encountered during the drilling process. The well has been secured with a 4-1/2 inch swellable packer completion, and a temporary plug has been installed to allow for the safe removal of the blowout preventer and installation of the wellhead equipment. The drilling rig will be demobilized from the site, and a workover unit and gas flow test package are scheduled to arrive on November 10th to commence flow testing of the well. The successful completion of the Wombat-5 well is a significant milestone for Lakes Blue Energy, as demonstrating the commercial viability of the Wombat Field will pave the way for the field's massive resource to be certified as a reserve and for the company to become a major supplier of gas to Victoria.

The successful completion of the Wombat-5 well and the upcoming gas flow testing will demonstrate the commercial viability of the Wombat Field, which will allow Lakes Blue Energy to move forward with certifying the field's resources as reserves and becoming a major supplier of gas to Victoria.