Hopefully you can get it out this way...drilling should be a last resort IMO. Ive drilled plenty of bolts out, and my success rate is about 40% if done by hand, and MAYBE 50% if done with a drill press. Its just too easy to go in off-center or at an angle with a drill bit. Plus, even if you can drill a nice, centered hole, you still either have to remove the remainder of the broken bolt with an EZ out, or by drilling the hole oversize and repairing the threads with a Helicoil insert.
I hate EZ outs...especially the small ones...as they are inherently brittle and will break faster than a dead pine branch in a wind storm if you apply too much torque. And as anyone who has snapped off an EZ out can tell you, once it goes -tink-, its all over. Short of a carbide drill bit, that broken EZ out butt is not coming out. Helicoils, on the other hand, work great.... If you have the right size one, have a clean, round, properly-tapped hole to put it in, and know how to install it. You see where Im going with this...
Don't drill unless you have to.