Melbana Energy Limited Annual Report 2022

Directors The following persons were Directors of Melbana Energy Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Andrew Purcell (Executive Chairman) Michael Sandy (Non-Executive Director) Peter Stickland (Non-Executive Director) Directors’ Report Principal activities The principal activities of the Consolidated Entity during the year were oil and gas exploration in Cuba and Australia together with development concepts for the Tassie Shoal Methanol and LNG Project. Dividends There were no dividends paid or declared during the current or previous financial year. Review of operations International Operations Cuba - Block 9 (Melbana 30%) The current two well exploration program the Company is executing in Block 9 is testing four separate targets with a combined pre-drill Prospective Resource of 236 million barrels of oil (Best Estimate, 100% basis)1. Alameda-1 Drilling of the first of the two well program commenced on 13 September 2021 with the spudding of Alameda-1. Oil shows and elevated gas readings started to be encountered starting almost immediately below the casing point and continuing until about 1,842 metres. Wire logging results from this section produced an estimate of 48 net metres of potential oil and gas pay, excluding about 290metres where poor hole conditions prevented viable logs from being acquired. Casing was then set at this depth and this first formation containing moveable hydrocarbons was subsequently designated as Amistad. InMarch 2022, independent expert McDaniel & Associates estimated that the reservoirs located in this Amistad section contained 2.5 billion barrels of oil in place for a combined 119 million barrels of Prospective Resource (100% share, unrisked mean estimate basis)1, a significantly larger volume than was prognosed to occur at this depth. 1 This estimate should be read with reference to the footnote “Notes regarding Contingent and Prospective resource estimates” on page 21 8 Melbana Energy Limited Annual Report 2022