Highlights

  • Lakes Blue Energy continued progressing the Wombat Gas Project in Victoria’s Gippsland Basin.
  • The company completed a Capital raising to support perforation, stimulation and flow testing activities.
  • The Wombat project remains the company’s key gas exploration asset.
  • Lakes Blue Energy continues evaluating pathways towards potential commercial gas development.
  • Future updates will focus on testing results, resource evaluation and funding activities.

Lakes Blue Energy NL (ASX:LKO) is an Australian gas exploration company focused on the Wombat Gas Project in Victoria’s Gippsland Basin and other energy opportunities. During 2026, the company continued advancing its appraisal activities, with flow testing, technical evaluation and funding management forming key areas of focus.

Wombat Gas Project Activities

Lakes Blue Energy continued advancing the Wombat Gas Project during 2026. The project is located in the Gippsland Basin, an established energy region in Victoria. The company’s activities have focused on evaluating the gas potential of the asset through technical programmes designed to understand reservoir characteristics and future development options.

Funding and Flow Testing Programme

During 2026, Lakes Blue Energy completed a capital raising to support planned activities at Wombat. The funding was directed towards perforation, stimulation and flow testing activities. These programmes are intended to provide additional information on gas flow characteristics and support future evaluation of the project.

Resource Position and Technical Evaluation

The company has reported a contingent gas resource associated with the Wombat project. Resource estimates require further appraisal and technical assessment before commercial development decisions can be considered. Testing outcomes will provide additional information regarding reservoir performance and development potential.

Development Pathway

Moving an exploration asset towards potential production requires multiple technical, regulatory and commercial steps. Lakes Blue Energy continues assessing the requirements for future development, including testing results, infrastructure considerations, approvals and potential funding needs.

Broader Portfolio Activities

Alongside Wombat, Lakes Blue Energy maintains interests in additional energy projects including the Portland Energy Project. The company continues evaluating opportunities across its portfolio while prioritising activities that support its exploration and appraisal strategy.

Risks and Areas to Monitor

Gas exploration and appraisal projects involve geological uncertainty, technical challenges and funding requirements. Successful testing does not automatically establish commercial production, as further development studies, infrastructure planning and market arrangements may be required. Future progress will depend on technical outcomes and available resources.

Future Development Activities

Future company announcements may provide updates on flow testing results, resource assessments, regulatory matters and project development planning. Quarterly reports will also provide information on expenditure, cash position and ongoing exploration activities.

Key Insights

Lakes Blue Energy’s 2026 activities demonstrate continued focus on evaluating the Wombat Gas Project through targeted appraisal work. The company remains in an exploration and development evaluation stage, where technical results from testing programmes will be important in determining future project pathways.