The Directors of Lakes Blue Energy NL's advised that the Victorian Department of Jobs, Precincts and Regions has approved the Company's proposed work programs for its Victorian petroleum exploration tenements. Although the work programs are unchanged from those that were in place prior to the August 2012 introduction of the Victorian exploration ban, following passing of the Petroleum Legislation Amendment Act 2020, which amended the Petroleum Act 1998, the Company was required to resubmit programs for approval. The work programs, once approved, become conditions of the respective tenements.

An overview of the history and status of the Victorian petroleum exploration ban is appended for information of shareholders. With the exploration ban lifted from 1 July 2021, the new governing regulatory framework in place from November 2021, and work programs now approved, the Company is now able to resume on-ground exploration activity in Victoria. As was announced on 23 February 2022, work is underway toward securing approvals for drilling of the Wombat-5 and Otway-1 conventional wells.

Subject to receipt of approvals, it is envisaged drilling will commence around mid 2022. This Announcement has been authorised by the Board of Lakes Blue Energy NL for lodgement with the ASX.