Figure 7 – The location of the Company’s Exploration Permits WA-544-P and NT/P87 relative to WA-488-P AC/P70 (Melbana 100%) On 16 February 2022, the Company announced that it had been granted petroleum exploration permit AC/P70, located in the Territory of Ashmore and Cartier Islands, for an initial period of six years. Melbana made an application for this permit under the Australian Government’s 2020 Offshore Petroleum Exploration Acreage Release (See Figure 8). Since being awarded the permit, the Company has licensed various datasets and undertaken considerable work to better understand what exploration opportunities might exist there. The undeveloped Vesta-1 oil discovery (drilled in 2005) lies within the permit area and an appraisal well drilled in 2007 identified a gas cap. During the reporting period the Company completed interpretation of the reprocessed 500km2 legacy Pantheon 3D seismic survey. The reprocessing significantly improved the seismic data quality allowing the identification and mapping of significantly larger exploration targets within and adjacent to the working petroleum systems of the greater Swan and Vesta discoveries. Some of these areas are updip to the old discovery wells, further increasing the chance of success. The combined unrisked gross best estimate Prospective Resource for the permit is 2,754 Bcf and 43 MMbbl5, 6. AC/P70 contains the undeveloped Swan gas field, discovered by Arco in 1973 while exploring for oil and which was further appraised by an additional two wells by BHP in 1991. Wireline pressure data and recovered gas samples from several sands of the Cretaceous Puffin sandstone confirmed a common pressure regime and the presence of mobile gas. The Vesta oil and gas field was discovered by ENI in 2005, also whilst exploring for oil, and was appraised by a second well. Three DST confirmed the presence of producible oil and gas from the Jurassic “Spec Di” reservoir but the field has not been developed. Significant and relatively high probability-of-geologic success (Pg) prospective resources are interpreted within untested compartments up-dip of the discovery wells. Directors’ Report continued 18 Melbana Energy Limited Annual Report 2025
RkJQdWJsaXNoZXIy MjE2NDg3