Table 3 – Amistad Unit 1A: Summary of OIIP Estimates OIIP – Unrisked9 Gross (100%) Chance of Discovery11 Maturity Low (P90) MMbbl Best (P50) MMbbl High (P10) MMbbl Prospective Resources Amistad Unit 1A Prospect 292 711 1,788 70% OIIP – Unrisked9 Melbana’s Interest (30%) Chance of Discovery11 Maturity Low (P90) MMbbl Best (P50) MMbbl High (P10) MMbbl Prospective Resources Amistad Unit 1A Prospect 88 213 536 70% Table 4 – Amistad Unit 1A: Summary of Resources Estimates Resources – Unrisked10 Gross (100%) Chance of Discovery11 Maturity Low (P90) MMbbl Best (P50) MMbbl High (P10) MMbbl Prospective Resources Amistad Unit 1A Prospect 11 32 88 70% Resources – Unrisked10 Melbana’s Interest (30%) Chance of Discovery11 Maturity Low (P90) MMbbl Best (P50) MMbbl High (P10) MMbbl Prospective Resources Amistad Unit 1A Prospect 3 10 26 70% Alameda-3 was spudded on 15 December 2023 and drilled to Total Depth of 3880mMD during the reporting period. The well was significantly delayed due to drilling operations issues: the well was sidetracked at 2908m as a result of hole stability issues and an inflatable ECP running tool was stuck for some considerable time in the 7” liner section (TD 3642m). Specialist milling and fishing tools and personnel successfully retrieved the fish and subsequent casing integrity logs and pressure testing confirmed the integrity of the 7” liner. Wireline logging, including FMI, over both the Alameda and Marti reservoir sections were undertaken, indicating a naturally highly fractured reservoir and over 100m of conventional (not fracture dependent) pay in the Alameda section. Flow testing was then undertaken on both the Marti and Alameda reservoirs. The Marti reservoir was tested via a 4-½“ slotted liner over the interval 3642-3880mMD with a packer set at 3531mMD. The Alameda reservoir was tested via perforation of the uncemented casing between 3272mMD and 3450mMD (see Figure 2). The objective of the testing was to determine oil quality and flow rates for the reservoirs, which are separated by effective seal rocks (see Figure 3), to gain a broader understanding of the reservoirs’ production characteristics. Both reservoirs were tested individually in a part of the geological section interpreted to contain the highest porosity and productivity interval, as indicated by conventional log analysis and FMI. 11 The Chance of Discovery (COD) does not include the chance of development, which McDaniel estimates to be 50%. 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. 15 Melbana Energy Limited Annual Report 2024
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