Note 22. Commitments (continued) WA-544-P and NT/P87 (Melbana 100%) In November 2020, the Company was awarded petroleum exploration permits as a result of applications it had made under the Australian Government’s 2019 Offshore Petroleum Exploration Acreage Release. These permits, designated as WA-544-P and NT/P87, were awarded for an initial period of six years each with work commitments consisting of reprocessing and various studies in their primary terms (years 1 to 3). The Company may withdraw from the permits prior to entering their secondary terms, which contain more material expenditure commitments. These permits lie adjacent to WA-488-P and allow the Company to build on the knowledge it has gained in that permit area to pursue other leads in this expanded area. Melbana retains a 100% interest in the adjacent permit areas WA-544-P and NT-P87, which contain the undeveloped oil discoveries Turtle and Barnett. Melbana has recently completed the initial phase of geoscientific studies on this property and there is no obligation to perform any additional studies in the coming financial year. 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 this application for this permit under the Australian Government’s 2020 Offshore Petroleum Exploration Acreage Release. During the first three years of the licence period, the Company must undertake the following activities: – Licence, reprocess and interpret available seismic survey data – Drill an exploration well The Company has recently completed the reprocessing and interpretation of available seismic data on this title. There is no immediate commitment to drill any wells due to an extension of the subperiod that was granted by the regulator during the financial year. A farm-in exercise is currently underway to have another participant when the exploration well commitments fall due. Cuba Block 9 (Melbana 30%) In September 2015, Melbana executed the Block 9 Production Sharing Contract (PSC) with the National Oil Company of Cuba, Unión Cuba Petróleo (CUPET). The exploration period of the Block 9 PSC is split into four sub-periods with withdrawal options at the end of each sub-period. The Company is currently in the fourth exploration subperiod, with the drilling of Amistad-2 the only remaining work commitment left to satisfy. There is an approved work programme for 2025 with firm and contingent components. The Company’s share of the firm component is estimated at AUD4 million and the contingent component, should it proceed, a further AUD6.9 million. There are no material commitments or contingencies other than as set out in this note. Note 23. Related party transactions Parent entity Melbana Energy Limited is the parent entity. Subsidiaries Interests in subsidiaries are set out in Note 25. Key management personnel Disclosures relating to key management personnel are set out in Note 20 and the remuneration report included in the Directors’ report. Transactions with related parties None. Receivable from and payable to related parties There were no trade receivables from or trade payables to related parties at the current and previous reporting date. Loans to/from related parties There were no loans from or loans to related parties at the current and previous reporting date. Terms and conditions All transactions were made on normal commercial terms and conditions and at market rates. Notes to the Consolidated Financial Statements for the year ended 30 June 2025 68 Melbana Energy Limited Annual Report 2025
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