A trick when you are drilling through formica, and some hard and soft woods, Is to make a small pilot point, stick the drill in the pilot hole, and use the drill in reverse until you are below the level of the veneer or formica. Once below the outer, turn the drill to forward keeping it perfectly level and plum. That way you get no tear out.
Go slow, you don't need to burn it.
If you are worried about both sides, drill through it with a smaller than needed drill, then start from the other side with the correct size drill, but in reverse again till it is deeper than the veneer/ formica.
Yields clean results