Note 16. Advances from farm-out arrangement 30-June-23 $ 30-June-22 $ Current assets Receivables from Farm-out arrangement - 3,648,597 Current liabilities Advances to Farm-out arrangement 202,130 - 202,130 3,648,597 Project funding from joint operations partner are funds called from Sonangol by the Company as the operator for the Block 9 drilling program as per the FIA which was executed on 25 May 2020. Refer to Note 27 to the financial statements and Directors’ report for further information on the arrangement. Note 17. Issued capital Movements in ordinary share capital 30-June-23 No. 30-June-22 No. 30-June-23 $ 30-June-22 $ Ordinary shares – fully paid 3,370,204,104 2,917,001,836 320,473,026 303,177,819 Date Shares Issue Price $ Opening balance 1 Jul 22 2,917,001,836 303,177,819 Shares issued – options exercised 453,202,268 0.035 17,295,207 Closing balance 30 Jun 23 3,370,204,104 320,473,026 Ordinary Shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. Share issue costs Incremental costs directly attributable to the issue of new shares or options, including transactional costs and fees payable to relevant service providers, are shown in equity as a deduction, net of tax, from the proceeds. Share buy-back There is no current on-market share buy-back. Shares under options During the reporting period 453,202,268 shares were issued due to exercise of listed options, 6,556,053 options expired. There were no outstanding at 30 June 2023: (2022: 459,758,321 listed options remained outstanding at an exercise price of $0.035 with an expiry of 10 Sept 2022). Notes to the Consolidated Financial Statements for the year ended 30 June 2023 52 Melbana Energy Limited Annual Report 2023
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