Lakes Blue Energy NL : Chairman's Address to Shareholders & CEO Presentation

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Lakes Blue Energy ( ASX : LKO )

ASX Announcement

25 March 2022

Annual General Meeting

Chairman's Address and CEO Presentation

I think we can all agree that this is an exciting time to be a Lakes Blue Energy NL's (Lakes, or the Company; ASX:LKO) shareholder. In the last 12 months we have achieved a significant amount The most significant of which is the re listing of Lakes earlier this year.

I would like to thank you, our shareholders and those new shareholders who joined us during the last fund raising, for your patience and support. We are aware for those of you that have been with us for some time that this has been a difficult period. We are aware that many of you have sent messages of support, either to us directly or on various forums and chat rooms, and we thank you for your faith and belief in the opportunity that Lakes offers its supporters.

I would also like to thank those who made a substantial contribution to the re-listing of Lakes in particular, CEO Roland Sleeman, Chief Operating Officer Tim O'Brien and our Company Secretary Elissa Hansen. In addition, I would also like to thank Nick Mather and the team at DGR for their support during the fund raising, as well as our underwriters for their continued belief in the Company. The above team and I spent hundreds of hours in planning the application to the Australian Stock Exchange (ASX), agreeing a plan with them, and then implementing that agreed plan. It was a significant task that dominated nine months.

The plan was required to meet two criteria for the Company to be re-quoted on the Stock Exchange, being ASX Listing Rule 12.1, Level of Operations and ASX Listing Rule 12.2, Financial Condition. The need to meet these two listing rules drove the fund raising, which was oversubscribed at $5.3 million (against an ASX requirement of $3.55 million) and drilling of the Wellesley-2 well. Drilling Wellesley-2 was a condition of re-listing as the ASX would not accept the previous work undertaken at Nangwarry, nor the future drilling of the Victorian assets, as the earliest possible drill date was the second half of this calendar year. While Wellesley-2 failed to discover gas, it confirmed the old adage that 'there is no such thing as an unsuccessful well'. It confirmed the presence of the target formation, albeit the silted sand channel banks expected to be present as charged reservoir, and the potential for future

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success. We will revisit Queensland after pursuit of our more significant Victorian opportunities.

The main game for Lakes has always been the development of its Victorian assets. After what has been a tortuous ten-year journey (not including the part where the Company was actually allowed to be active!) the Victorian government has seen reason and lifted its drilling ban. Unfortunately, the drilling approvals that were all but finalised in the lead up to 2013 require considerable reworking to fit with Government's new regulatory regime. We are pleased to advise however, that Lakes should be able to drill its first well at Wombat around the middle of 2022, regulatory processes permitting. Roland Sleeman will go into greater detail on the scale of this opportunity during his presentation, but it is fair to say that it is a company maker.

Beyond Victoria, the Company has a significant portfolio of quality assets, details of which have been provided to you in our annual reports and will be touched on by Roland Sleeman in his presentation. We have continued to make progress with all these assets in the last 12 months and, subject to the success of Wombat, the Company should be able to fund the exploration and development of these opportunities.

The board and senior management remain very excited about the opportunities that Lakes has, and we refer you to two pieces of independent research, Research As A Service and Lodge Partners, for their analyses of the significant upside shareholders could participate in with the development of the Lakes' portfolio. Both those pieces of research are available on the Company's web site. Whilst the last few years have been difficult there is no doubt the next few years have the possibility of generating significant value and significant multiples to the current share price. As we have noted at previous meetings the senior management and board are significant shareholders and closely aligned to you in this regard.

For further information contact:	Executives:
Chairman, Richard Ash	Tim O'Brien - Chief Operating Officer
[e-mail]	Elissa Hansen - Company Secretary
CEO, Director, Roland Sleeman	Directors:
[e-mail]	Nick Mather - Non-executive Director

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Lakes Blue Energy

Presentation to Annual General Meeting

Roland Sleeman, CEO

25 March 2022

Cautionary Statement

This presentation has been prepared by Lakes Blue Energy ('Lakes Blue Energy NL' or 'Company'). By accessing this presentation you acknowledge that you have read and understood the following statement.

onlyCautionary Statement

The Company is not aware of any new information or data that materially affects the information included in this presentation and confirms that all the material assumptions and technical parameters underpinning the estimates in this presentation continue to apply and have not materially changed. The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

No Representation, Warranty or Liability

useWhilst it is provided in good faith, no representation or warranty is made by LKO or any of its advisers, agents, directors or employees as to the accuracy, completeness, currency or reasonableness of the information in this presentation or provided in connection with it, including the accuracy or attainability of any Forward Looking Statements set out in this presentation. LKO does not accept any responsibility to inform you of any matter arising or coming to LKO's notice after the date of this presentation which may affect any matter referred to in this presentation. Any liability of LKO, its advisers, agents, directors and employees to you or to any other person or entity arising out of this presentation including pursuant to common law, the Corporations Act 2001 and the Trade Practices Act 1974 or any other applicable law.

Future Performance

ersonalCertain statements contained in this presentation, including information as to the future financial or operating performance of LKO and its projects, are forward-looking statements. Such forward-looking statements: are necessarily based upon a number of estimates and assumptions that, whilst considered reasonable by LKO; are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or a ticipated events or results reflected in such forward-looking statements; and may include, among other things, statements regarding targets, estimates and assumptions in respect of oil and gas production and prices, operating costs and results, capital expenditures, resources and recovery rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. LKO disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and other similar expressions identify forward-looking statements. All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

Year in Review

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ASX sets out

Full-form

2020 AGM

Corporate changes:

conditions for

'Replacement

Wellesley-2 well

resumption of

Prospectus';

drilled in

(23 March 2021)

Sydney base

trading of LKO

$5.5m raised;

Queensland

shares

+ $1.6m committed

Nangwarry	Victorian	Wellesley-2	LKO Shares
extended	exploration ban
earthworks	reinstated to trading
production testing:	lifted
commenced	7 February 2022
Resource upgrade	1 July 2021