Building Momentum It is with pleasure that I present to you the 2025 Annual Report for Melbana Energy Limited, a year that marked our transition from explorer to producer. Cuba remains the main near-term value catalyst for the Company. During the reporting period we completed the workover of Alameda-2 and commenced full-time production. This was the first step in commercialising the 46 million barrels1 Contingent Resource2 in the shallow Amistad sheet of the greater Alameda oilfield we discovered in our onshore Block 9 PSC. We will continue to focus on the development of oil from the Amistad section, given it’s quicker and cheaper to access and contains a relatively higher quality of crude oil. It is important to remember, though, that we have also discovered energetic and freely flowing oil in the lower geologically independent Alameda and Marti sections that provide us with plenty of running room for additional field development. While progress towards increasing production this year has been slower than anticipated, for several reasons outside of our control, the technical insights gained - particularly around reservoir sensitivity - have informed our proprietary drilling fluid design and simplified well architecture, positioning us for success. Preparations for the drilling of our first dedicated production well, Amistad-2, are complete and the rig is currently mobilising to site at the time of writing. This well targets a structurally promising zone expected to deliver enhanced flow rates 200 metres up-dip of the original 1,235 bopd zone discovered in the same sheet by Alamada-2. 1 Independent best estimate (2C), 100% share. 2 See ASX announcement dated 25 March 2024. Chairman’s Letter 02 Melbana Energy Limited Annual Report 2025
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