Review of operations International Operations Cuba - Block 9 (Melbana 30%) During the reporting period, the Company was focussed on delivering value for shareholders by advancing the appraisal and development of the Alameda discovery. The well was spud on 18 September 2025. The well was originally planned to take about three weeks to drill to a programmed total depth (TD) of 1,125 metres measured depth (m.MD). Drilling results showed that the upper portion of the target structure had been eroded and replaced with sediment and that this has happened prior to the most recent phase of structuring. The top of limestone was therefore encountered in the low-side (footwall) of the structure, approximately 600 m.MD deep to prognosis, so the decision was made to continue drilling past the original TD. Given the good hole conditions and whilst still in the reservoir formation, it was decided to stop drilling at 2,000 m.MD, incurring only about one week of additional drilling time. The well was drilled at a lower mud weight than Amistad-1 and with the proprietary reservoir drilling fluid, designed using the learnings of the previous wells drilled in Block 9, which performed very well and allowed the removal of barite from the drilling fluid in the lower portion of the well. The lower mud weight also assisted with the well drilling at a higher rate of penetration than expected. An extensive logging program was conducted and provided positive indications of extensive porosity and oil saturation within the 8-1/2” hole. Subsequent preliminary petrophysical analysis interpreted a total 169 m.MD, or 146 metres of true vertical depth (TVD), net reservoir based on a conventional cutoff of 9% porosity. The reservoir in Amistad-2 is comprised of three primary sections: the upper-most section is highly porous and correlated to the Unit 1A observed in Alameda-2; the second unit is separated from shallower Unit 1A by a tight limestone interval and appears to be consistent with the Unit 1B Lower interval previously observed by Alameda-2; and, the third appears to be a repeat section of Unit 1B, but in a rotated and steeply dipping position. An acid-soak was spotted across the entire reservoir interval before being circulated out without incident. Tubing and a pump were then run in hole and Amistad-2 was opened for testing. Initial flow confirmed a highly permeable reservoir averaging 550 bbl/d with minimal pressure drawdown in the first 24 hours. The pump rate continued to be increased, with a final average rate of 1,220 bbl/d of water with minimal pressure drawdown. Cumulative water produced during testing was approximately 1,840 bbl, around twice the total combined wellbore and volume of drilling, acid and completion brine/water lost during operations. Pressure data from the well indicates that the reservoirs at the Amistad-2 location are not in communication with those at the Alameda-2 location. Figure 3 – Trajectory and target of Amistad-11 Partner approval and all permits to drill Amistad-11 were acquired and the rig mobilised to location completed on 22 November 2025. The Amistad-11 well spud was awaiting receipt of outstanding payment amounts due from Sonangol. Sonangol advised they would not be able to remit further monies in the 2025 calendar year and requested the drilling of Amistad-11 be deferred till 2026. As such, the Company issued instructions to demobilise the contractor personnel and equipment and issued a Notice of Default to Sonangol, pursuant to the Joint Operating Agreement that governs the parties’ relationship in Block 9 for non-payment of cash calls. Failure to cure the default in the sixty days provided may result in the defaulting party being required to assign its interest in Block 9 to the non-defaulting party. AUSTRALIA: AC/P70 (Melbana 100%) During the period, Melbana updated the Prospective Resource* estimates relating to the undeveloped Vesta Deep (Plover) gas and Hadrosaurus (Jurassic) prospects located within AC/P70, offshore Figure 4 – “Thumper” weight-drop system in action Figure 5 – Completed 2025 2D seismic acquisition program Figure 3 – Trajectory and target of Amistad-11. Figure 4 – Completed 2025 2D seismic acquisition program. 13 Melbana Energy Limited Annual Report 2026
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