Lakes Blue Energy Nl · ASX:LKO
Lakes Blue Energy Nl — Investor Presentation (July 2026)
36 slides from Lakes Blue Energy Nl's investor presentation, Jul 29, 2026
Slide 1: Capital Raising Presentation
LAKES BLUE ENERGY Capital Raising Presentation 29 July 2026
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT This presentation has been prepared by Lakes Blue Energy NL (“Lakes Blue Energy”, “LKO” or “Company”). By accessing this presentation, you acknowledge that you have read and understood the following statement. Cautionary Statement As at the date of this presentation the Company
Slide 3: Executive Summary
EXECUTIVE SUMMARY Significant ▪ Significant gas supply shortfalls are forecast in the Australian East Coast domestic gas market, with consequent high gas prices. east coast ▪ LKO is strategically well positioned to profitably contribute to resolving this supply challenge through its key gas projects
Slide 4: Company Overview
COMPANY OVERVIEW 1. PRL 2 - Wombat 5 and Trifon/Gangell ▪ Gippsland Basin, approximately 5km northwest of Seaspray and 30km south-southeast of Sale. ▪ Located within the area of Victorian Petroleum Retention License (PRL) 2. ▪ LKO owns 100% in the license area, with the appraisal well located on lan
Slide 5: Wombat Gas Field
Wombat Gas Field LAKES BLUE ENERGY 5 CAPITAL RAISING PRESENTATION
Slide 6: What Makes Wombat Gas Field So Appealing?
WHAT MAKES WOMBAT GAS FIELD SO APPEALING? Relative Low Risk • Existing vertical wells all flowed gas • Certified Contingent (2C) gas resources • Gas is high-quality with no impurities. • Well design is conventional, using established technology. • Well located on Company owned land, no local stakeho
Slide 7: Wombat – Significant Gas Shows Encountered
WOMBAT – SIGNIFICANT GAS SHOWS ENCOUNTERED Wombat-4 Wombat-5 Wombat-2 Wombat-3 Wombat-1 Wombat 1 Gippsland Limestone Lakes Entrance • >100mscfd Emperor Formation • >300mscfd W Strzelecki Latrobe Group (Sands & Coals) Wombat 2 • >400mscfd W Strzelecki Emperor Subgroup TVD 1420m Wombat 3 TD 1550m Volc
Slide 8: Wombat-5 Production Testing Update
WOMBAT-5 PRODUCTION TESTING UPDATE Announced to ASX on 9 June 2026 Production testing has concluded, with pressure build-up data supporting a gas-charged reservoir. 1 Three gas-bearing zones confirmed across ~1,500m horizontal section (Zone 1, Zone 2 and Zone 3), with gas shows from C1 methane throu
Slide 9: What Caused the Formation Damage & Can It Be Overcome?
WHAT CAUSED THE FORMATION DAMAGE & CAN IT BE OVERCOME? Lakes believes there are two significant factors that contributed to the formation damage in the reservoir which resulted in the failure of Wombat 5 to flow gas at commercial rates. The hydrostatic pressure of the drilling fluid used to drill th
Slide 10: Next Steps - Fluid and Rock Compatibility Testing
NEXT STEPS - FLUID AND ROCK COMPATIBILITY TESTING • Drilling fluid invasion in the formation has inhibited the flow of gas into the wellbore. Core from Wombat 2 • Core and Fluid analysis is being undertaken with SLB being prepared for (formerly Schlumberger). Fluid Compatibility Testing • Currently
Slide 11: Propellant Perforating Technology
PROPELLANT PERFORATING TECHNOLOGY • The tool which can be run on wireline, or tubing contains a propellant that rapidly generates high pressure gas when it burns. This additional energy follows a few milliseconds after the perforating charge detonation and creates a deeper perforating tunnel. • The
Slide 12: Next Steps – Propellant Enhanced Perforating Plan
NEXT STEPS – PROPELLANT ENHANCED PERFORATING PLAN • Minimum of 156 m of high-quality gas-bearing sands. • Propellant technology will be supplied by a specialist US Company and deployed by their Australian partner, MPC Kinetic a leading Australian Well Service Company with extensive perforating exper
Slide 13: Wombat 5 – Workover Perforation & Testing Schedule
WOMBAT 5 – WORKOVER PERFORATION & TESTING SCHEDULE 2026 Work Programme Activity May Jun Jul Aug Sept Oct Nov Dec Wombat 5 Well Work - Planning & Execution Stakeholder Notification Period Regulatory Approval Process (DEECA) Completion Fluid Compatibility Testing Long Lead Materials Delivery Import Ap
Slide 14: Next Steps – Wombat Seismic Reprocessing
NEXT STEPS – WOMBAT SEISMIC REPROCESSING • Reprocessing of the 2008 Wombat 3D Seismic dataset by Geomage Ltd, industry leaders in reprocessing of image challenged, legacy seismic. 2008 Legacy Data: 2026 PoSTM Data: • The preliminary Post-Stack Time Migration (PoSTM) results already demonstrates a dr
Slide 15: Wombat Proposed Development Schedule
WOMBAT PROPOSED DEVELOPMENT SCHEDULE Announced to ASX on 2 July 2026 2026 2027 2028 Activity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Wombat 5 Well Test Planning Test Wombat 5 Pre FEED Study Resource Certification FEED FID Detailed Design & Construction Install & Commission First Gas Note: Schedule is fo
Slide 16: Portland Energy Project
Portland Energy Project LAKES BLUE ENERGY 16 CAPITAL RAISING PRESENTATION
Slide 17: Portland Energy Project Summary
PORTLAND ENERGY PROJECT SUMMARY • Tight Gas is contained within Eumeralla, Liara, Pretty Hill & Casterton Formations. • Independent Competent Person report estimates in place resources to be 521 tcf of gas and 800 mmbbls of oil1. • Traditionally resources like this would be accessed by fraccing. • I
Slide 18: Portland Energy Project Prospects & Leads
PORTLAND ENERGY PROJECT PROSPECTS & LEADS • Currently working on 6 Prospects and Leads. • Greenslopes West Prospect and Hawkesdale South Lead are the priorities both at ~1400m in the Windermere Sandstone. • These are analogous to the Katnook and Ladbroke Grove discoveries in South Australia. Hawkesd
Slide 19: Portland Energy Exploration Project Timeline
PORTLAND ENERGY EXPLORATION PROJECT TIMELINE 2026 2027 2028 Activity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Greenslopes 2D Seismic Reprocessing Geochemical Soil Study Subsurface Analysis Final Prospect & Lead Assessment Drilling Design and Planning Drill Greenslopes Prospect Post well testing and analy
Slide 20: Equity Raising
Equity Raising LAKES BLUE ENERGY 20 CAPITAL RAISING PRESENTATION
Slide 21: Equity Raising Overview
EQUITY RAISING OVERVIEW ▪ A non-underwritten placement of $4.0 million comprising: ▪ A non-underwritten placement of fully paid ordinary shares to professional and sophisticated investors (“Institutional Placement Tranche 1”) to raise approximately $3.3 million via the issue of approximately 10.9 mi
Slide 22: Uses of Funds
USES OF FUNDS WOMBAT-5 PRODUCTION TESTING PROGRAM INITIATIVE TOTAL A$ Wombat 5 workover, propellant enhanced perforate & well test 3,700,000 Working capital and costs of the Offer, including brokers commission 2,500,000 Regulatory, Exploration & Development expenses 800,000 Wombat-2 propellant treat
Slide 23: Uses of Funds and Current Capital Structure
USES OF FUNDS AND CURRENT CAPITAL STRUCTURE EXISTING % PRE- FULLY PAID ORDINARY SHARES SOURCES A$M SHARES OFFER Tenstar Trading Limited 5.2m 7.1% Cash and cash equivalents as at 30 June 2026 $0.4 DGR Global Limited 3.8m 5.2% Institutional Placement and Entitlement Offer - Gross $8.7 NewPeak Metals L
Slide 24: Offer Timetable
OFFER TIMETABLE INDICATIVE SUMMARY OF KEY EVENTS DATE Trading halt announced and placement bookbuild commenced Monday, 27 July 2026 Trading halt lifted and announcement of completion of placement and proposed Entitlement Offer Wednesday, 29 July 2026 Entitlement Offer Prospectus lodged with ASIC. In
Slide 25: Board & Executive Management
LAKES BLUE ENERGY BOARD & EXECUTIVE MANAGEMENT EGM Operations & Technical Richard Ash Nick Mather Hugh W. Robertson Executive Director and Non-Executive Director Chief Executive Officer Non-Executive Director (Effective upon completion of placement) Richard has focused on investing in and working wi
Slide 26: Technical & Operations Team
LAKES BLUE ENERGY TECHNICAL & OPERATIONS TEAM EGM Operations & Technical Mike McGowan John Mackintosh Mike Dow EGM Operations & Technical Reservoir Engineering Drilling & Completions Mike is a Chartered Engineer with over 35 years of experience John has 25 years of reservoir engineering, Mike is a s
Slide 27: Appendix
Appendix
Slide 28: Key Risks
KEY RISKS 1. Company specific risks a. Additional funding risk c. Economic condition risk LKO may need to raise additional funds in the future. There is no assurance that Economic conditions, inflation rates, interest rates, currency exchange rates, LKO will be able to secure additional funding, if
Slide 29: Key Risks
KEY RISKS 1. Company specific risks e. New opportunity risk h. Litigation risk LKO may seek, or be approached to participate in, new business opportunities As previously announced to the market, LKO has been the subject of two major from time to time. While the directors of LKO will approach new opp
Slide 30: Key Risks
KEY RISKS 1. Company specific risks j. Rehabilitation risk LKO will be liable for rehabilitation costs at each of its wells/sites. The Company will be required to place a remediation bond with the Victorian regulator to cover these abandonment costs. The regulator estimates the value of the bond sho
Slide 31: Key Risks
KEY RISKS 2. Industry specific risks a. Exploration company risk c. Government and regulatory risk As LKO is an exploration company, the market’s perception of the value of its The impact of actions by governments, the ASX, ASIC or other regulatory bodies shares can alter significantly from time to
Slide 32: Key Risks
KEY RISKS 2. Industry specific risks d. Reserve and resource estimate risk Hydrocarbon reserve and resource estimates are expressions of judgement based There is no assurance that, even if significant quantities of hydrocarbon products on knowledge, experience and industry practice of independent ex
Slide 33: Key Risks
KEY RISKS 2. Industry specific risks i. Native title risk k. Contractual dispute risk Native title rights could adversely impact on some of the Company’s other Contractual disputes with joint venture partners, operators and contractors can arise operations. If the Company’s ability to conduct future
Slide 34: Key Risks
KEY RISKS 3. General risks a. Investment risk d. Competition risks Holders of shares have no right to a repayment of their investment. Investors The industry in which LKO operates is subject to domestic and global competition. should appreciate that an investment in shares carries risks. The shares
Slide 35: Key Risks
KEY RISKS 3. General risks g. Taxation The acquisition and disposal of Shares will have tax consequences, which will There is also a risk that the process of integrating new businesses requires differ depending on the individual financial affairs of each investor. All potential significantly more fi
Slide 36: Summary of LKO's Prospective and Contingent Resources
SUMMARY OF LKO’S PROSPECTIVE AND CONTINGENT RESOURCES Petroleum Resource Location Licence Interest (%) Prospect Low Estimate Best Estimate High Estimate COS fluid/ Units type Otway PRL 249 50.0 Nangwarry CO2 (Bcf) Contingent 4.5 12.9 32.2 Otway PEP 175 100.0 Portland Gas (Bcf) Prospective 3,943 11,4
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