In 2024, McDaniel assessed a gross (100%) 2C2 Contingent Resource of 46 MMbbl with a Sub-Categorisation of Development Pending (80% Chance of Development) for Amistad Unit 1B in the eastern part of the structure. McDaniel also assessed a gross (P50) best estimate Prospective Resource of 90 MMbbl (with a Chance of Discovery of 70% if an appraisal well was drilled) for Amistad Unit 1B in the western part of the structure. McDaniel also assessed a gross (100%) P50 – Best Estimate - Prospective Resource of 32 MMbbl for Amistad Unit 1A (with a Chance of Discovery of 70%) that could be similarly derisked by drilling an additional appraisal well and testing on pump in that area. Melbana’s estimates of Contingent and Prospective Resources have not changed during the period. Australian Operations WA-488-P (Melbana contingent cash and royalty interest) The Company sold its 100% interest in permit area WA-488-P to the Australian subsidiary of a US oil major in November 20217. The purchaser became the Operator and made a country entry to drill the giant Beehive Prospect located within the WA-488-P exploration permit. The Beehive Prospect was independently estimated to contain a Prospective Resource of 388 million barrels of oil equivalent (Best Estimate, 100% basis)8 and a high estimate of 1.6 billion boe. Melbana revised these estimates9 to a Prospective Resource of 416 million boe (Best Estimate, 100% basis) with a high estimate of 1.4 billion boe following its assessment of the 3D seismic data acquired across the prospect in 2018. Under the terms of the sale and purchase agreement, the Company is entitled to receive contingent future payments of USD5.0 million (subject to the purchaser making certain future elections with regards to the permit) and USD10.0 million for each 25 million barrels of oil equivalent in the event oil is produced from the permit area should the exploration well be a commercial success. Beehive received approval of its environmental plan for the drilling of up to three wells during the reporting period. The new Operator also applied for and received a suspension of the Permit Year 3 work program obligation to drill one well until October 2026. The Company has no exposure to the cost of this exploration well. Beehive will test a large Carbonate Platform Prospect similar to that defined by the Company in the adjacent exploration permits NT/P87 and WA-544-P. WA-544-P and NT/P87 (Melbana 100%) These permit areas, containing the undeveloped Turtle and Barnett oil discoveries, were granted to the Company in 2020 under the Australian Government’s 2019 Offshore Petroleum Exploration Acreage Release. They are in shallow water (20 to 40 metres deep) and located about 300 kilometres southwest of Darwin, Australia. The Blacktip gas field lies to the northwest and its pipeline transects the northern boundary of NT/P87, allowing potential access to the Darwin LNG facility and/or the east coast gas market. The exploration permits host Carbonate Platform opportunities with similar resource potential as the adjacent WA-488-P exploration permit, which contains the Beehive drilling Prospect (See Figure 7). During the reporting period the Company continued its efforts to identify a farm-in partner for the exploration permit. The permit areas include a Prospective Resource of over 466 BCF of gas or 90 million barrels of oil (unrisked best estimate, 100%) for the Hudson Prospect. 7 See ASX announcement dated 23 April 2021. 8 See ASX announcement dated 14 August 2018. 9 See ASX announcement dated 24 August 2020. 17 Melbana Energy Limited Annual Report 2025
RkJQdWJsaXNoZXIy MjE2NDg3