Significant changes in the state of affairs During the financial year ended 30 June 2025, a number of events occurred that changed the state of affairs of the Consolidated Entity: On 11 September 2024, the Company reported that it had received formal approval for the development of the Amistad oil field within Block 9, Onshore Cuba. Initial development will be concentrating on Unit 1B. This represented a major milestone in moving from an exploration and appraisal focus toward production. The approvals enabled commencement of field development commencing with the remediation of the existing Alameda-2 well ahead of completing it for continuous production. This positions the Company to undertake its first trial oil exports. The approval reflected ongoing progress in Cuba and was a key step in advancing the commercialisation pathway for Block 9. On 19 September 2024, the Company was granted a new exploration permit, WA-552-P in the Dampier Sub-basin offshore Western Australia. This permit is considered prospective for gas and is located in a proven petroleum province. On 26 February 2025, the Company published its maiden prospective and contingent resource estimates for its 100% owned AC/P70 exploration permit in the Timor Sea, with a Prospective resource of 2,754 Bcf and 43 MMbbl (unrisked gross best estimate) and a Contingent Resource of 276 Bcf and 34 MMbbl (unrisked gross best estimate). On 14 May 2025, the Company provided an operations update on Block 9. The Alameda-2 well, following a workover of the Unit 1B reservoir, achieved sustained oil production from mid-April 2025. More than 15,000 barrels of oil had been produced and were in storage, with first export shipment anticipated before the end of June 2025. Civil works were completed for the Amistad-2 production well, civil works commenced for Amistad-3, a LiDAR survey was completed, and the tender for a 3D seismic survey was closed. Resource upgrades During the reporting period the Company announced the Company’s maiden Contingent and Prospective Resource assessment relating to AC/P70 (Melbana 100%, see Tables 1 and 2 above). The Company completed interpretation of the reprocessed 500km2 legacy Pantheon 3D seismic survey during the period. 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 was 2,754 Bcf and 43 MMbbl, the estimates being made probabilistically, with arithmetic aggregation. The Company assessed the combined best estimate (2C) Contingent Resource5 volume for the Swan and Vesta fields was 276 Bcf and 34 MMbbl, the estimates were made probabilistically, with arithmetic aggregation. The Swan gas field, discovered by Arco in 1973 while exploring for oil, and was further appraised by an additional two wells by BHP in 1991. The Vesta oil and gas field was discovered by ENI in 2005, also whilst exploring for oil, and was appraised by a second well. Matters subsequent to the end of the financial year On 21 August 2025, the Company announced that it had received binding firm commitments to raise approximately $7 million before costs via a placement. The placement involves issuance of 411,764,706 new Fully Paid Ordinary shares at $0.017 per share (Placement Shares), representing a 22.7% discount to the Company’s last closing share price on 18 August 2025. Each Placement Share is accompanied by one Attaching Option exercisable at $0.02 and expiring one year from the date of issue. Additionally, for every two Attaching Options exercised, the Option holder will receive one Bonus Option exercisable at $0.03 and expiring three years from the date of issue. Proceeds from the Placement will be applied towards the Company’s share of drilling costs for the Amistad-2 production well and for general corporate purposes. On 21 August 2025, the Company provided an operational update on Block 9 PSC, onshore Cuba. Rig mobilisation had commenced for the drilling of the Amistad-2 production well, with a projected spud date in mid-September and results expected by mid-October. Permitting and civil works have been completed for the Amistad-3 production well. Meanwhile, Alameda-2 continued to produce oil from the Unit 1B formation, with over 30,000 barrels currently in inventory. Additionally, permitting is well advanced for the drilling of further shallow production wells scheduled for 2026. On 26 August 2025, the Company advised that the National Offshore Petroleum Titles Administrator (NOPTA) had approved a variation of the minimum work requirements for Permit Year 4 of petroleum exploration permits WA-544-P and NT/P87 (Permits) granted to the Company in 2020 (Melbana 100%). The Permits are in the Joseph Bonaparte Gulf offshore northern Australia. 23 Melbana Energy Limited Annual Report 2025
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