Those chainring bolts already have their center drilled out. So no need to even drill!
A little liquid wrench overnight and a tap should do the trick.
The hole is 3mm/thereabouts, I believe. It would be prudent to enlarge it a bit for a larger size spiral extractor, since the small ones are not great for having force put through them...then you'll have a stuck stub AND a broken piece of tool steel in the crank arm.
You can buy single packs of drill bit/extractor combos made by Hansen (Irwin/some other re-brand) at many auto parts store in the United States. Just remember that the drill bit is sized for ~1/3-1/2 way up the extractor, not the tip.
While you're there, pick up a can of CRC freeze-off. Since it looks like corrosion sitting in that hole, it would be a good idea to try to use differential expansion to help you out here. Both parts are aluminum, but it may still help--and it's a good penetrating lubricant, to boot. Wear thick nitrile gloves when spraying--it gets COLD.