• Production testing progressing at Wombat-5 well, with gas flow observed across all zones
• Advancement of Portland Energy Project toward planned drilling in H2 2026
• Ongoing evaluation of Nangwarry CO₂ Project under Maison collaboration

Lakes Blue Energy has reported on its activities during the quarter ended 31 March 2026, including the progression of production testing at the Company's wholly owned Wombat Gas Field and ongoing advancement of its broader onshore gas portfolio. The Wombat-5 production testing program has continued to progress, with results to date confirming gas across multiple zones. The Company is now in the pressure build-up phase, which will inform the next stage of well optimisation. Lakes is planning additional enhancement activities, including a perforation and propellent program, to optimise gas flow from the well. The Company also continued to progress regulatory, environmental and stakeholder engagement activities in support of future drilling programs at the Portland Energy Project, with a potential drilling program planned for the second half of 2026, subject to approvals. Additionally, the Nangwarry CO₂ Project remains a key part of Lakes' portfolio, with ongoing technical and commercial evaluation activities being undertaken under the collaboration agreement with Maison Group. The Company has also strengthened its technical capability through the expansion of the exploration and operations team.