Cuba Block – 9 (Melbana 30%) We are into the next phase of developing our high-impact Cuban oil discovery. The next step is to get oil on a boat by mid FY2025 and to continue to drill development wells in the Alameda structure in Block 9. Every trip to Cuba provides a learning opportunity. Whilst driving several potential investors down the road from Havana to the Alameda-3 drilling area earlier in 2024, they were surprised by the number of well heads, nodding donkeys and obvious oil and gas activity along the side of the highway. When added to the obvious pride our technical team and drilling contractor have in the field operations, it combines to make potential investors sit up and take notice. Melbana is not alone in recognising the potential of Cuba but retains first mover advantage and access to some of the most prospective acreage in the country. Some learnings however are less welcome than others. Whilst there has been success at Alameda-2 and plans are progressing at pace to develop that reservoir interval, the drilling and testing of the deep horizons at Alameda-3 was slow, challenging and ultimately, disappointing, with no flow obtained to surface. The Company’s analyses indicate there is a resource worth chasing in the deeper reservoirs, but for now, the focus will be on developing the shallow Amistad Unit 1B reservoir and bringing as much oil to market as quickly as possible. On the plus side, the Amistad Unit 1B reservoir has now been certified to hold a contingent resource6 of 46 million barrels of oil (2C) and a further 90 million barrels of prospective resource (2U), with 32 million barrels of prospective resource (2U) in the shallower Amistad Unit 1A reservoir. Operating Review 6 100% best estimate. 06 Melbana Energy Limited Annual Report 2024
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