Note 23. Commitments (continued) Cuba Block 9 (Melbana 30%) In September 2015, Melbana executed the Block 9 Production Sharing Contract (PSC) with the national oil company of Cuba, Unión Cuba-Petróleo (CUPET). The exploration period of the Block 9 PSC is split into four sub-periods with withdrawal options at the end of each sub-period. The Company is currently in the third exploration subperiod, for which all work commitments have been met. The Company has elected to enter the fourth exploration sub-period. There is an approved work program for the next twelve months, which form part of the development plan for Unit 1B the principal work commitment for which is the drilling of two production wells (one firm, one optional) in the Amistad Structure. The approved work program has a firm and contingent component with the Company’s share of the firm component amounting to AU$19m. There are no material commitments or contingencies other than as set out in this note. Note 24. Related party transactions Parent entity Melbana Energy Limited is the parent entity. Subsidiaries Interests in subsidiaries are set out in Note 26. Key management personnel Disclosures relating to key management personnel are set out in Note 21 and the remuneration report included in the Directors’ report. Transactions with related parties None. The following transactions occurred with related parties: 30-June-24 $ 30-June-23 $ Payments for consulting services – 5,750 Payments for Drilling Supervision Services – 67,924 – 73,674 Receivable from and payable to related parties There were no trade receivables from or trade payables to related parties at the current and previous reporting date. Loans to/from related parties There were no loans from or loans to related parties at the current and previous reporting date. Terms and conditions All transactions were made on normal commercial terms and conditions and at market rates. Note 25. Parent entity information Set out below is the supplementary information about the parent entity. 63 Melbana Energy Limited Annual Report 2024
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