Melbana Energy Limited Annual Report 2022

13 Exploration and evaluation Consolidated 30-June-22 $ 30-June-21 $ Exploration and evaluation Block 9 Cuba – at cost 10,709,762 1,176,994 Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Block 9 $ WA-488-P $ NT/P87 $ WA-544-P $ AC/P70 $ Total $ Balance at 1 July 2020 5,252,593 5,252,593 Additions 1,279,380 18,698 17,002 1,315,080 Disposals (5,390,679) (5,390,679) Balance at 30 June 2021 1,141,294 0 18,698 17,002 0 1,176,994 Additions 8,105,369 319,584 136,483 971,332 9,532,768 Disposals 0 Balance at 30 June 2022 9,246,663 0 338,282 153,485 971,332 10,709,762 Significant judgement is required in determining whether it is likely that future economic benefits will be derived from capitalised exploration and evaluation expenditure. In the judgement of the Directors, at 30 June 2022 exploration activities in each area of interest, where costs are carried forward, have not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves. Active and significant operations in relation to each area of interest are continuing and nothing has come to the attention of the Directors to indicate future economic benefits will not be achieved. The Directors are continually monitoring the areas of interest and are exploring alternatives for funding the development of areas of interest when economically recoverable reserves are confirmed. A review of the consolidated entity’s exploration licenses was undertaken during the financial year and based on the review management identified no impairment indicators on Block 9. Further information on operating activities and development are included in the Directors’ report. 14 Trade and other payables Refer to Note 20 for further information. 30-June-22 $ 30-June-21 $ Accounts payable 12,883,161 684,794 Other payables 20,283 51,152 12,903,444 735,946 Notes to the Consolidated Financial Statements for the year ended 30 June 2022 38 Melbana Energy Limited Annual Report 2022

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