RESOURCES In 2024, McDaniel assessed a gross (100%) 2C Contingent Resource of 46 MMbbl with a Sub-Categorisation of Development Pending (80% Chance of Development) for Amistad Unit 1B in the Eastern part of the structure. McDaniel also assessed a gross (P50) best estimate Prospective Resource of 90MMbbl (with a Chance of Discovery of 70% if an appraisal well is drilled) for Amistad Unit 1B in the western part of the structure. McDaniel also assessed a gross (100%) P50 – Best Estimate-prospective Resource of 32 MMbbl for Amistad Unit 1A (with a Chance of Discovery of 70%) that could be similarly derisked by drilling an additional appraisal well and testing on pump in that area. The Company has retained the resource estimates for the Amistad structure as independently assessed by McDaniel in 2024. While regulatory uncertainty remains, management considers this to be a temporary factor affecting project timing rather than the resource base itself. Management continues to consider the underlying geological model sound. Trial seismic data acquired during the reporting period have informed a revised structural interpretation of Amistad. Additional seismic coverage of comparable quality is required to reassess the structure fully and determine the implication for the associated contingent and prospective resource estimates. Based on the currently available information, management considers the existing estimates to remain the Company’s best estimates of recoverable volumes, subject to revision following that reassessment. Melbana continued to advance and preserve the value of its Australian exploration portfolio while maintaining a disciplined expenditure approach. The Company retains contingent cash and royalty interests in the WA-488-P Beehive Prospect following its 2021 divestment, providing potential future upside without exposure to drilling costs. Across its wholly owned permits, Melbana focused on progressing the highly prospective WA-544-P and NT/ P87 acreage, which contains the Hudson Prospect and existing discoveries with potential access to established gas infrastructure, while seeking farm-in partners to fund future appraisal and development activities. Farm-out efforts also continued for AC/P70, which hosts substantial prospective and contingent oil and gas resources associated with the Vesta and Swan discoveries. During the year, Melbana strengthened its Australian acreage position through the grant of WA-552-P, where early-stage technical work is assessing the potential of identified leads and discoveries. In addition, the Company maintained its strategic Tassie Shoal development option, retaining longterm environmental approvals for large-scale methanol and LNG projects, although progress remains dependent on securing a suitable gas supply on commercial terms. Australia 09 Melbana Energy Limited Annual Report 2026
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