Figure 4 – The location of WA-488-P relative to the Company’s other licence areas WA-544-P and NT/P87 WA-544-P and NT/P87 (Melbana 100%) These permit areas, containing the undeveloped Turtle and Barnett oil discoveries, were granted to the Company in 2020 under the Australian Government’s 2019 Offshore Petroleum Exploration Acreage Release. They are in shallow water (20 to 40 metres deep) and located about 300 kilometres southwest of Darwin, Australia. The Blacktip gas field lies to the northwest and its pipeline transects the northern boundary of NT/P87, allowing potential access to the Darwin LNG facility and/or the east coast gas market. The exploration permits host similar Carbonate Platform opportunities with similar resource potential as the adjacent WA‑488-P exploration permit, which contains the Beehive drilling Prospect. During the reporting period the Company was granted an 18-month suspension and extension to the primary term of these permits and reported a Prospective Resource of over 466 bcf of gas or 90 million barrels of oil (unrisked best estimate recoverable, 100%) for the Hudson Prospect. The Company is continuing with its efforts to find a farm-in partner for the Exploration Permits. Directors’ Report continued 18 Melbana Energy Limited Annual Report 2024
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