Wombat and Trifon/Gangell Gas Fields

Petroleum Retention Lease 2 (PRL 2)
Gippsland Basin | 100% owned

Lakes Blue Energy has 100% ownership of PRL 2, which covers the Wombat and Trifon/Gangell conventional gas fields in Victoria’s onshore Gippsland Basin. The fields contain independently certified 2C contingent gas resources totalling 719 billion cubic feet (BCF), with gas-bearing intervals intersected across multiple wells. The gas is relatively dry, of near pipeline quality, and previous well tests have demonstrated productive capability using conventional drilling methods.

The Wombat Gas Field is the initial focus for development. In June 2025, Lakes received regulatory approval to drill the Wombat-5 well — a directionally drilled, conventional gas well targeting the upper, more permeable section of the gas-saturated Strzelecki Formation. Drilling commenced at 6:00 am on 1 August 2025. The well is designed to appraise the field’s production potential and follows earlier drilling at Wombat-1, -2, -3 and -4, which confirmed gas saturation and overpressure within the structure.

Wombat-5 has been designed to intersect higher permeability zones with the objective of achieving commercial gas production. Independent technical assessments have forecast potential initial flow rates of up to 10 terajoules per day (TJ/day), subject to drilling results and production testing. The development concept for PRL 2 is based on a tie-in to nearby existing pipeline infrastructure, minimising surface facility requirements. Compression and modest gas processing are expected, with no new distribution pipelines required.

Subject to production outcomes and regulatory approvals, the Trifon/Gangell Field may be brought online as a follow-on stage to support or extend production from Wombat. The Wombat Gas Field is located approximately 20 kilometres from the Longford gas hub, offering potential for a relatively low-cost, staged development approach. All regulatory consents for initial drilling have been secured, and Lakes holds freehold access to the Wombat-5 site with no land access constraints or third-party agreements required.

Under current tenure arrangements, the Company has granted a 10% royalty over the wellhead value of petroleum produced from within PRL 2. The project is positioned to respond to sustained tightness in Victorian gas supply and elevated regional pricing, and represents one of the few undeveloped, conventional onshore gas resources in the state with both market access and development readiness.