Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Jan 2026drilling progress report▲ Good
The production packer passed a 2,500 psi pressure test and Victorian Government approval to test was received. Crews mobilise 14 January; plan is a four-day extended flow test then up to three weeks of shut-in, running mid-January to February 2026.
25 Nov 2025drilling progress report▼ Bad
Test equipment arrived and was rigged up, but the upper swellable packer had not swelled enough to seal. About 10 more days are needed, so the crew is demobilised. Re-test is around 5 December, with testing the following week: another delay.
10 Nov 2025drilling progress report▼ Bad
Wombat-5 production testing is delayed because equipment and staff are tied up elsewhere. First equipment is due 19 November, all onsite by 23 November, versus the earlier 10 November target. Lakes is confident of the third sand's contribution despite the stuck assembly.
2 Oct 2025drilling result▲ GoodMajor
Wombat-5 drilled about 1,500 m horizontally through three high-gas sand intervals; the middle one is a new discovery of gas shows. A stuck assembly and suspected fault at 2,450 m stopped the completion short, leaving 614 m barefoot. Flow testing starts 10 November.
1 Oct 2025drilling progress report● Neutral
Wellhead installed and pressure tested; drilling rig released at 1pm on day 61. Site is secured until the workover unit and gas flow test package arrive, scheduled for 10 November.
30 Sept 2025drilling progress report▲ Good
The 4-1/2 inch completion is set at 2,438 m and the well secured for testing. Rig is to be released, with the workover unit and gas flow test scheduled for 10 November. The chair says flow testing is next to show commerciality.
29 Sept 2025drilling progress report● Neutral
Day 59: the 4-1/2 inch swellable packer completion is being run, at 2,185 m, to be set at 2,440 m. Rig then demobilises; workover unit and flow test package are scheduled for 10 November, after the packers set.
26 Sept 2025drilling progress report● Neutral
Day 55: the contractor is running in for a clean-up run to prepare the hole for fishing tools to recover the stuck bottom hole assembly. No new result.
25 Sept 2025drilling progress report▼ Bad
While pulling out at total depth, tight hole jammed the drill pipe, leaving 44 m of bottom hole assembly stuck in the well. Management is assessing options; the board calls it a further delay and complication, adding to earlier Wombat-5 setbacks.
24 Sept 2025drilling result▲ GoodMajor
Wombat-5 reached planned total depth of 3,052 m MD with 1,500 m of horizontal hole in the gas-saturated Strzelecki Formation. Final 200 m showed gas up to 35.82%, matching the best Wombat-3 sands. These are mud-gas shows, not a flow test.
23 Sept 2025drilling progress report▲ Good
Day 53: Wombat-5 at 2,916 m MD, 1,364 m lateral, in the Wombat-3 sand package with gas shows up to 67.49%. Repeats the 22 September result with the chair's comment; mud-gas readings only, not a flow test.
22 Sept 2025drilling result▲ GoodMajor
Wombat-5 drilled 522 m in 72 hours to 2,916 m MD and entered the Wombat-3 sand package near 2,825 m on prognosis. Gas shows reached 3,374 units (67.49%). Target depth is about 3,050 m. Mud-gas readings, not a flow test.
19 Sept 2025drilling progress report● Neutral
Day 49: well path corrected back to 87.2° and 24 m drilled to 2,297 m MD. The motor assembly was pulled to be replaced with the rotary steerable tool. Gas shows up to 458 units.
18 Sept 2025drilling progress report● Neutral
Re-lodgement of the 17 September update: 2,273 m, gas shows up to 1,565 units, 777 m left to total depth. Same content, no new information.
17 Sept 2025drilling progress report▲ Good
Day 48: a downhole motor assembly found no debris and drilled 73 m to 2,273 m MD (721 m lateral). Gas shows up to 1,565 units (31% gas). 777 m remains to the 3,050 m target.
16 Sept 2025drilling progress report● Neutral
Re-lodgement of the 15 September update: 2,200 m, slow drilling from suspected reamer shoe debris, string being pulled. Same content, no new information.
15 Sept 2025drilling progress report▼ Bad
Day 46: horizontal hole reached 2,200 m MD, 678 m lateral, but only 78 m in 72 hours. Slow drilling and torque, suspected dislodged reamer shoe debris, mean the string is being pulled for inspection. Gas shows up to 590 units.
12 Sept 2025drilling result▲ GoodMajor
Horizontal drilling advanced 320 m in 24 hours to 1,899 m MD, passing the Wombat-2 location with gas shows up to 2,910 units (581,000 ppm) in good sands. Strong indication of gas-saturated reservoir, though a mud-gas reading and not a flow test.
11 Sept 2025drilling progress report● Neutral
Re-lodgement of the 10 September update: horizontal section started, 60 m drilled, gas readings up to 81 units. Same content, no new information.
10 Sept 2025drilling progress report▲ Good
Horizontal 6-1/8 inch section began 10 September; 60 m drilled by 9:30 am at about 20 m/hour. Gas readings reached 81 units (16,200 ppm). The chairman points to 250 Bcf at Wombat, which is a 2010 consultant estimate, not new.
9 Sept 2025drilling progress report● Neutral
Day 39: casing is cemented at 1,549 m and preparations are under way to start the 1,500 m horizontal section within 24 hours. No new depth.
8 Sept 2025drilling result▲ GoodMajor
The 7 inch casing is set and cemented at 1,549 m, about 35 m into the Strzelecki, securing the well in the reservoir. Gas shows rose to 35 units (7,000 ppm). Target total depth remains 3,050 m.
5 Sept 2025drilling result▲ GoodMajor
Wombat-5 entered the Strzelecki Formation at 1,410 m, about 4 m higher than prognosis, with first gas shows up to 12 units (2,400 ppm). Lakes says these are consistent with Wombat-2 and -3. Early indication only, not a flow test.
4 Sept 2025drilling progress report● Neutral
Day 33: assembly running back to the bottom at 1,394 m after fluid volume was restored. Strzelecki top expected in about 20 m and the 7 inch casing point in about 150 m.
3 Sept 2025drilling progress report● Neutral
Re-lodgement of the 2 September update: assembly paused at the casing shoe at 1,394 m while fluid volumes are restored. Same content, no new information.
2 Sept 2025drilling progress report● Neutral
Day 32: no depth progress, stuck at 1,394 m. New assembly paused at the casing shoe while surface fluid volumes are restored. Strzelecki top still expected within 20 m TVD; 7 inch casing point about 1,530 m.
1 Sept 2025drilling progress report● Neutral
Day 31: well at 1,394 m, 53° inclination, after changing the motor and bit for slow drilling. A human-error mechanical failure while pulling the string delayed repairs. The Strzelecki top is expected within about 20 m.
29 Aug 2025drilling progress report▼ Bad
Day 27: just 3 m drilled to 1,259 m. The contractor is again pulling out to change the assembly after similar bit clogging as the day before.
28 Aug 2025drilling progress report▼ Bad
Day 26: only 14 m drilled to 1,256 m. Clay packed around the bit and stabiliser slowed drilling, so the assembly was pulled and a new one is being run in. A minor setback.
27 Aug 2025drilling progress report● Neutral
Re-lodgement of the 26 August update: 1,242 m, 22° inclination, hole in good condition. Same content, no new information.
