AC/P70 (Melbana 100%) On 16 February 2022, the Company announced that it had been granted petroleum exploration permit AC/P70, located in the Territory of Ashmore and Cartier Islands, for an initial period of six years. Melbana made an application for this permit under the Australian Government’s 2020 Offshore Petroleum Exploration Acreage Release (See Figure 5). Figure 5 – Location of Exploration Permit AC/P70 Since being awarded the permit, the Company has licensed various datasets and undertaken considerable work to better understand what exploration opportunities might exist there. The undeveloped Vesta-1 oil discovery (drilled in 2005) lies within the permit area and an appraisal well drilled in 2007 identified a gas cap. During the reporting period the Company undertook and completed reprocessing of the 500km2 legacy Pantheon 3D seismic survey. Seismic interpretation and mapping work on the new reprocessed volume is underway. The Company intends to farm out the exploration permit prior to the February 2027 drilling commitment. AC/P51 (Melbana contingent cash and royalty interest) During the reporting period a third party surrendered petroleum exploration permit AC/P51. The Company had no direct interest in this permit area nor any financial liability to it, but it did have a small indirect cash interest, contingent on certain elections being made by the titleholders. Tassie Shoal (Melbana 100%) The Company has Australian Government environmental approvals to construct, install and operate two stand-alone world scale 1.75 Million tonnes per annum (Mtpa) methanol plants - collectively referred to as the Tassie Shoal Methanol Project - and a single 3 Mtpa LNG plant - known as the Tassie Shoal LNG Project - on Tassie Shoal, an area of shallow water in the Australian waters of the Timor Sea approximately 275 km northwest of Darwin, Australia. These environmental approvals are valid until 2052. These projects uniquely provide a development option for discovered but undeveloped gas resources in the region. Progress for these projects is dependent on securing access to proximate gas supply on suitable commercial terms. No material progress was made in this regard during the reporting period. 19 Melbana Energy Limited Annual Report 2024
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