A workover and acid stimulation program were conducted on Alameda-23 over a 54-day period, operating primarily on 12-hours except as dictated for operational safety and during well flow-back periods. Key steps in the program included using a service rig to pull the original completion, adding new perforations in both the upper and lower Unit 1B, undertaking an acid wash and squeeze then re-running the completion. Following completion, an extended period of clean-up flow was undertaken to unload heavy-weight completion brine and spent hydrochloric (HCl) acid lost to the formation during operations. A significant volume of heavy-weight completion brine and stimulation fluid had been lost to the formation during the workover. Static gradient surveys and a MPLT survey were run and confirmed that a pump would accelerate the recovery of the heavy-weight completion brine used to control the well. A down-hole pump was run and a second HCl acid treatment conducted. A further period of clean-up flow was conducted on Alameda-2 and the well subject to brief test prior to being handed over to production. For the remainder of the period the well was produced on a continuous basis recovering oil and lost completion fluid. Substantially all completion and stimulation fluids lost to the formation had been recovered to surface by the end of the period. Crude oil produced from Alameda-2 undergoes primary separation and storage on site. This stored production is regularly transported to facilities managed by the national oil company for further processing. The Company continues to increase its stored oil volume and inventory closed at 22,863 barrels at period end (See Figure 4). Preparations for the drilling of the first purpose designed development well on Block 9, Amistad-2, were conducted throughout the period. The contingent Amistad-3 well is planned to follow. Well permitting was conducted for four new well pads during the period, each sized to accommodate at least two wells per drilling pad. Amistad-2 is to be drilled from Pad 9, located approximately 850 metres to the southwest of the Alameda-2 well. All Amistad-2 civil works, comprising well pad, access road and production equipment area, were completed during the period and all non-rig equipment and materials to drill the well received. The Amistad-2 well was designed considering all lessons learned to date to maximise its flow potential. These design requirements included planning to intersect as many fracture zones as possible, a significantly simplified single-target well design with no cement in the production hole and use of a non-damaging drilling fluid. Figure 4 – Alameda-2 has been on continuous production since the completion of workover activities in April 2025 Directors’ Report continued 14 Melbana Energy Limited Annual Report 2025
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