To accelerate the rate at which we can produce oil from our contract area in Cuba requires us to gain better and more direct control of our operational inputs without increasing well costs. If our planned future production wells allow us to keep growing production and if these production volumes can be commercialised regularly then we will have taken some important steps towards achieving this goal. We are better prepared to achieve both these things in the year ahead. We are appraising and developing a very large oilfield, one that is comprised of not just one anticline but of several, which together form a very large anticlinal structure, termed an anticlinorium. The scale of the Alameda anticlinorium can be difficult to comprehend. Turning to Australia, over the last decade or so we have seen increased regulatory and social headwinds against exploring for then developing Australia’s natural energy advantage. As I foreshadowed last year, economic reality has forced a rethink of the importance of natural gas as a component of our energy mix, and recent events suggest that this tide may be starting to turn with signs the realisation of the essential contribution of gas toward net zero targets may be sinking in. If so, Melbana is well placed to capitalise with the Company’s portfolio of high-quality gas exploration permits offshore Western Australia. During the reporting period, our Geoscience team interpreted and mapped 3D seismic we had reprocessed, resulting in our maiden resource estimates for the historical Vesta and Swan gas and oil discoveries and adjacent prospects. We have since had good engagement from several potentially interested farminees with proximate activities and an interest in securing more qualified exploration opportunities. Finally, I commend our team for their continued diligence and scientific approach to problem solving. We have had a year of challenges and frustrations, but this didn’t stop them continuing to push toward our goal of delivering an increase in shareholder value. Andrew Purcell Executive Chairman 03 Melbana Energy Limited Annual Report 2025
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