McDaniel also assessed a Prospective Resource Category for Unit 1A (but with a Chance of Discovery of 70%) that could be similarly derisked by drilling an additional appraisal well and testing on pump in that area. The total resources for Unit 1A and Unit 1B are summarised in Tables 1, 2, 3 & 4. Table 1 – Amistad Unit 1B: Summary of OIIP Estimates OIIP – Unrisked9 Gross (100%) Chance of Discovery8 Maturity Low (P90) MMbbl Best (P50) MMbbl High (P10) MMbbl Contingent Resources7 Amistad Unit 1B East Development Pending 130 331 909 100% Prospective Resources Amistad Unit 1B West Prospect 229 656 1,831 70% OIIP – Unrisked9 Melbana’s Interest (30%) Chance of Discovery8 Maturity Low (P90) MMbbl Best (P50) MMbbl High (P10) MMbbl Contingent Resources7 Amistad Unit 1B East Development Pending 39 99 273 100% Prospective Resources Amistad Unit 1B West Prospect 69 197 549 70% Table 2 – Amistad Unit 1B: Summary of Resources Estimates Resources – Unrisked10 Gross (100%) Chance of Discovery8 Maturity Low (P90) MMbbl Best (P50) MMbbl High (P10) MMbbl Contingent Resources7 Amistad Unit 1B East Development Pending 16 46 129 100% Prospective Resources Amistad Unit 1B West Prospect 29 90 264 70% Resources – Unrisked10 Melbana’s Interest (30%) Chance of Discovery8 Maturity Low (P90) MMbbl Best (P50) MMbbl High (P10) MMbbl Contingent Resources7 Amistad Unit 1B East Development Pending 5 14 39 100% Prospective Resources Amistad Unit 1B West Prospect 9 27 79 70% Directors’ Report continued 7 The key contingencies which prevent the Contingent Resources from being classified as Reserves include finalisation of the draft development plan and associated economics, internal and joint venture and regulatory approvals, contractual arrangements and commitment to project finance. 8 The Chance of Discovery (COD) does not include the chance of development, which McDaniel estimates to be 80%. Quantifying the COD requires consideration of both economic contingencies and other contingencies such as legal, market access, political, social licence, internal and external approvals and commitment to project finance and development timing. As many of these factors are as yet unknown, they must be used with caution. 9 Volumes listed are in-place estimates and the recoverable estimates are shown in a separate table. 10 Volumes listed are full life volumes, prior to any cutoffs due to economics. 14 Melbana Energy Limited Annual Report 2024
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