05 Melbana Energy Limited Annual Report 2024 Tassie Shoal Methanol LNG Projects AC/P70 WA-488-P NT/P87 WA-544-P Australia 3 Previous independent estimate 88 million barrels of Prospective Resource for entire Amistad structure (100% share, best estimate). 4 100% share, best estimate. 5 Internal estimate - 100% share, best estimate. – Unit 2: No oil encountered at the tested location; – Unit 3: 16.9° API oil unable to be recovered at surface without assistance, implied flow rate of 750 BOPD; – Unit 1B: Completed as a production well then shut in to allow for drilling of the Alameda-3 appraisal well. Subsequently put on extended production to better understand reservoir performance and capability of surface operations. Restarted flow of 300 BOPD suggests reservoir damage; – Net Pay for the Amistad structure calculated to be 346 metres TVD (615 metres TVD when natural fracturing incorporated); – Updated3 independent estimates of resource volumes4: – Unit 1A: 32 million barrels of Prospective Resource – Unit 1B: 46 million barrels of Contingent Resource 90 million barrels of Prospective Resource – Melbana was one of only a handful of recipients to be awarded a new offshore exploration permit in the first offshore acreage release in years; – Hudson Prospect (100%) - Advisor appointed to seek a partner to fund next stage of exploration work on a structure estimated5 to hold a Prospective Resource of either 466 BCF of gas or 90 million barrels of oil. Request for additional time to allow a new partner time to receive permits to conduct next state of exploration program formally approved; – AC/P70 (100%) – Interpretation and mapping of reprocessed seismic survey received significantly progressed. Request for additional time to complete studies and attract a partner formally approved; and – WA-488-P (contingent cash and royalty interest) – Operator received environmental approval to drill an exploration well. Application made for additional time to meet drilling commitment. Significant progress with offshore exploration opportunities Australia ALAMEDA-3 (second appraisal well) had the objective of testing the two deeper reservoirs (called Alameda and Marti): Results highlights include: – Successfully reached target total depth but neither on time nor budget due to operational and drilling issues; – Management of these issues resulted in down hole conditions unlikely to be conducive to optimum reservoir performance; – Neither reservoir successfully flowed oil to surface, despite being minimally offset to Alameda-1 trajectory where extensive accumulations of energetic and moveable hydrocarbons were encountered; – Cores and high quality logs were obtained, indicating highly fractured reservoir; and – Well suspended whilst studies undertaken to determine possible causes of unexpected results and to formulate reservoir workover strategies.
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