Lakes Blue Energy Drilling Progress at Wombat-5 Well

Lakes Blue Energy NL (ASX: LKO) has reported strong progress on drilling operations at its Wombat-5, side-track-2 (ST-2) well in the Gippsland Basin, Victoria. As of 8:00 am AEST, drilling has reached a depth of 1,899m MD and 1,399m TVD, with a horizontal section of 347m achieved, including 320m advanced in the past 24 hours.

The well is being drilled horizontally through the Upper Strzelecki Formation, where significant gas shows of up to 2,910 units (581,000 ppm) have been encountered in high-quality sandstones. Composition analysis indicated C1 at 94.2%, C2 at 4.0%, C3 at 1.3%, C4 at 0.4% and C5 at 0.1%. These results highlight the gas-saturated nature of the formation, reinforcing its potential as a productive reservoir. The well is currently drilling past the Wombat-2 location and is expected to encounter additional gas shows as it advances toward Wombat-3, approximately 1,100m away. Importantly, no health, safety, or environmental incidents were recorded during operations.

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