Note 10. Other financial assets 30-June-23 $ 30-June-22 $ Current assets Term deposits 150,000 150,000 Term deposits represent a term deposit of $150,000 in place as security against a corporate credit card facility. Note 11. Right-of-use asset 30-June-23 $ 30-June-22 $ Non-current assets Office space – right-of-use 323,027 – Less: accumulated depreciation (194,701) – 128,326 – Note 12. Exploration and evaluation Consolidated 30-June-23 $ 30-June-22 $ Exploration and evaluation Block 9 Cuba – at cost 18,850,629 10,709,762 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 $ NT/P87 $ WA-544-P $ AC/P70 $ Total $ Balance at 1 July 2021 1,141,294 18,698 17,002 - 1,176,994 Additions 8,105,369 319,584 136,483 971,332 9,532,768 Disposals - - - - - Balance at 30 June 2022 9,246,663 338,282 153,485 971,332 10,709,762 Additions 7,783,306 91,810 133,188 132,563 8,140,867 Disposals - - - - - Balance at 30 June 2023 17,029,969 430,092 286,673 1,103,895 18,850,629 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 2023 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. Notes to the Consolidated Financial Statements for the year ended 30 June 2023 50 Melbana Energy Limited Annual Report 2023
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