Note 12. Exploration and evaluation Consolidated 30-June-24 $ 30-June-23 $ Exploration and evaluation Block 9 Cuba – at cost 44,894,829 18,850,629 Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Block 9 $ NT/P87 $ WA-544-P $ AC/P70 $ Total $ Balance at 1 July 2022 9,246,663 338,282 153,485 971,332 10,709,762 Additions 7,783,306 91,810 133,188 132,563 8,140,867 Disposals – – – – – Balance at 30 June 2023 17,029,969 430,092 286,673 1,103,895 18,850,629 Additions 24,778,336 89,795 111,841 1,064,228 26,044,200 Disposals – – – – – Balance at 30 June 2024 41,808,305 519,887 398,514 2,168,123 44,894,829 Significant judgement is required in determining whether it is likely that future economic benefits will be derived from capitalised exploration and evaluation expenditure. In the judgement of the Directors, at 30 June 2024 exploration activities in each area of interest, where costs are carried forward, have not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves. Active and significant operations in relation to each area of interest are continuing and nothing has come to the attention of the Directors to indicate future economic benefits will not be achieved. The Directors are continually monitoring the areas of interest and are exploring alternatives for funding the development of areas of interest when economically recoverable reserves are confirmed. A review of the Consolidated Entity’s exploration licenses was undertaken during the financial year and based on the review management identified no impairment indicators on Block 9. Further information on operating activities and development are included in the Directors’ report. Note 13. Trade and other payables Refer to Note 20 for further information. 30-June-24 $ 30-June-23 $ Accounts payable 15,552,586 4,149,766 Other payables 3,583,889 349,951 19,136,475 4,499,717 55 Melbana Energy Limited Annual Report 2024
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