On 27 August 2025, the Company announced the quotation of 411,764,704 Fully Paid Ordinary shares on the ASX following the successful completion of a $7 million placement (before costs). 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 3 September 2025, Riddhi Group of Hotels Pty Ltd. announced it had become a substantial holder of the Company with effect from 27 August 2025, holding 206,280,145 Fully Paid Ordinary Shares and 5.45% voting power. On 16 September 2025, the Company announced that the Extraordinary General Meeting of Shareholders will be held as a virtual meeting via an online meeting platform at 16:00 (AEDT) on Wednesday, 15 October 2025. On 19 September 2025, the Company advised that drilling of the Amistad-2 production well commenced on 18 September 2025 (Cuba time) and is planned to reach a total measured depth (MD) of 1,125 metres. On 19 September 2025, the Company announced an addendum to the Notice of Extraordinary General Meeting dated 16 September 2025 to align the terms of the Joint Lead Manager (JLM) options with the attaching options to be considered at the Extraordinary General Meeting on 15 October 2025. Likely developments and expected results of operations The Consolidated Entity will continue to pursue its interests in: – Block 9 PSC in Cuba in partnership with Sonangol. Appraisal drilling results from Alameda-2 have demonstrated the presence of significant intervals of moveable hydrocarbons in the shallowest Amistad reservoir and these are being studied to inform a field development proposal for the exploitation of the resource therein; – EOG Australia is making preparations for the drilling of its Beehive-1 exploration well in WA-488-P in the Joseph Bonaparte Gulf in northern Australia which may begin in the following reporting period. The Consolidated Entity has no exposure to the cost of the drilling of this well or to the permit but is entitled to receive cash and royalty interests contingent on future elections made by EOG Australia in WA-488-P and commercial success from the drilling of the exploration well; – Permit areas NT/P87 and WA-544-P by seeking a farmout partner to fund forward work programme commitments as well as, ideally, the undertaking of a 3D seismic survey to further derisk the Hudson Prospect; – Permit areas AC/P70 by seeking a farmout partner to fund the future work programme leading to the planning and drilling of an exploration well acquisition; and – Its other permit areas and licences. Health Safety and Environmental regulation The Consolidated Entity holds participating interests in a number of oil and gas areas. The various authorities granting such tenements require the licence holder to comply with the terms of the grant of the licence and all directions given to it under those terms of the licence. Your Board of Directors believe that all workplace injuries are avoidable. Policies and procedures are in place to ensure employees and contractors conduct all activities in a safe manner. Melbana has adopted an environmental, health and safety policy and conducts its operations in accordance with international best practice, where reasonably practicable. There have been no known breaches of any tenement conditions, no lost time due to injury and no spills during the reporting period. There was a minor recordable, but not reportable spill during the reporting period. Directors’ Report continued 24 Melbana Energy Limited Annual Report 2025
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