Note 25. Interest in subsidiaries The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in Note 2: Ownership interest Principal place of business / Country of incorporation 30-June-25 % 30-June-24 % Methanol Australia Pty Ltd Australia 100 100 LNG Australia Pty Ltd Australia 100 100 MEO International Pty Ltd Australia 100 100 Finniss Offshore Exploration Pty Ltd Australia 100 100 Melbana Operations Pty Ltd Australia 100 100 Melbana Energy AC/P70 Pty Ltd Australia 100 100 Melbana Exploration Pty Ltd Australia 100 100 Melbana Energy Block 9 Pty Ltd Australia 100 100 MAY Energia España SL Spain 100 100 MAY Operaciones España SL Spain 100 100 Note 26. Interest in Farm-out arrangements Name Principal place of business / Country of incorporation Block 9 PSC Cuba On 25 May 2020, the Consolidated Entity entered into a Farm-in Agreement (FIA) with Sonangol Pesquisa E Produção S.A (Sonangol). Under the terms of the FIA, Sonangol agreed to fund 85% of the cost of two exploration wells in Block 9 in return for receiving a 70% interest (Promote). The FIA provides Sonangol with a priority in recovery of the initial consideration it paid the Company (approximately equal to the Company’s historic costs related to Block 9 at that point) and the Promote it agreed to pay for the initial two exploration wells. On 17 August 2020, the Company announced that formal Cuban regulatory approvals had been received for Sonangol to acquire this 70% interest. Group Commitments and contingent liabilities During the reporting period, the Company elected to enter the fourth and final exploration sub-period of the Block 9 PSC. It will meet its sole remaining obligations with the drilling of Amistad-2. Melbana’s share of Amistad-2 is estimated at AUD 4 million. A subsequent contingent well called Amistad-3, if drilled, would cost the Company a further AUD 6.9 million. Anticipated proceeds from crude sales and existing inventory are expected to offset these costs. Melbana has met all primary term work program commitments for permits WA-544-P and NT/P87 (Hudson). Permits AC/ P70 and WA-552-P are both in their primary terms and work continues to satisfy their work program commitments, the cost of which in the next fiscal year have been provided. The Company is currently seeking farm in partners for AC/P70 and Hudson to share the expense of meeting work program commitments in subsequent fiscal years. Notes to the Consolidated Financial Statements for the year ended 30 June 2025 70 Melbana Energy Limited Annual Report 2025
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