Note 28. Events after the reporting period On 4 July 2023 the Company announced it had identified a carbonate buildup, named the Hudson Prospect, within its permit areas NT/P87 and WA-544-P. The Company’s maiden prospective resource estimates for this prospect are shown in Table 2. A farmout process was also commenced to seek a partner to fund the acquisition of a 3D seismic survey to further derisk the exploration opportunity. On 5 July 2023 the Company announced the first results from its Alameda-2 appraisal well in its Block 9 PSC onshore Cuba. Unit 1A of the Amistad interval demonstrated recovery at surface of about 40 barrels of moveable hydrocarbons from a productive interval of 63 metres measured depth. API was 11.7° and viscosity was 3,783 cP. On 14 July 2023 the Company announced that the Alameda-2 appraisal well had reached total depth for Unit 1B, with strong oil and gas shows between 700 and 1,110 metres measured depth with a core taken and preparations underway to wireline log the unit. On 4 August 2023, the Company announced that the Alameda-2 appraisal well had reached total depth ahead of schedule and that logged Net Pay for Units 1A, 1B and 2 had been increased from 84 metres previously to 243 metres (using conservative cutoffs and without allowing for the highly fractured limestones identified there. On 15 August 2023, the Company announced that the Alameda-2 appraisal well had confirmed moveable oil in Unit 3 of the Amistad interval, about 500 metres to the south and 200 metres updip from where Alameda-1 penetrated the same unit. The quality of the oil was like that which had been recovered from Unit 1A and it demonstrated the potential to flow at about 750 barrels per day. No formation water was observed. Incorporating the logged Net Pay for Unit 3 increased the total Net Pay for the Amistad interval to 346 metres total vertical depth (increasing to 615 metres total vertical depth if natural fracturing is incorporated). On 28 August 2023, the Company announced significantly lighter (19° API) and lower viscosity (30 cP) oil had flowed to surface from Unit 1B of the Amistad interval at a stabilised rate of 1,235 barrels of oil per day (peaking at 1,903 barrels of oil per day. No formation water was observed, either during the flow test or from logs, and 1,000 barrels of oil had been trucked away to storage. On 20 September 2023, the Company announced that the Alameda-3 appraisal well is to commence in November 2023, prior to which it was planned to commence early production from Unit 1B in Alameda-2. All of the volumes quoted above are on a gross unrisked mean estimate basis. No other matters or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly affect the consolidated entity’s operations, the result of those operations, or the consolidated entity’s state of affairs in future financial years. Note 29. Reconciliation of loss after income tax to net cash used in operating activities 30-June-23 $ 30-June-22 $ Profit/(Loss) after income tax expense for the year (1,001,999) 6,332,812 Adjustments for: Non-operating activity income – (10,391,856) Depreciation and amortisation 125,642 121,641 Share-based payments 404,684 636,241 Foreign exchange differences 597,808 747,260 Change in operating assets and liabilities (Increase)/decrease in other receivables (1,620,742) (77,786) (Increase)/decrease in prepayments (1,029,986) 88,851 Increase/(decrease) in trade and other payables (392,084) 411,127 Increase/(decrease) in provisions (209,399) 12,167 Net cash used in operating activities (3,126,076) (2,119,543) Notes to the Consolidated Financial Statements for the year ended 30 June 2023 62 Melbana Energy Limited Annual Report 2023
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