The Directors of Lakes Blue Energy NL's advised that earthworks, in preparation for drilling of the Wellesley-2 gas well in Queensland, are complete and Easternwell's Rig #101 has been contracted to drill the well. The drilling rig will be mobilised to site over coming days and rigged up to spud the well (i.e. commence drilling) on 7 February 2022. This follows successful completion of the Company's recent capital raising program which raised the fully subscribed maximum of $5,488,810. The Wellesley-2 well will be a conventional vertical well targeting the Wellesley Dome, which contains a Best Estimate Prospective Resource of 41 billion cubic feet of gas. It is anticipated that drilling and
testing of the well will take around 10 to 14 days.