Directors’ Report continued WA-544-P and NT/P87 (Melbana 100%) These permit areas, containing the undeveloped Turtle and Barnett oil discoveries, were granted to the Company in 2020 under the Australian Government’s 2019 Offshore Petroleum Exploration Acreage Release. They are in shallow water (20 to 40 metres deep) and located about 300 kilometres southwest of Darwin, Australia. The Blacktip gas field lies to the northwest, and its pipeline transects the Northern boundary of NT/P87, allowing potential access to the Darwin LNG facility and/or the east coast gas market. The exploration permits host Carbonate Platform opportunities with similar resource potential as the adjacent WA-488-P exploration permit, which contains the Beehive Drilling Prospect (See Figure 6). During the period, the National Offshore Petroleum Titles Administrator approved a variation of the minimum work requirements for Permit Year 4 of petroleum exploration permits WA-544-P and NT/P87 (Permits). The approved variation removed the requirement to acquire 3D seismic in the permits and added geological and geophysical studies and well planning. The Permits are in the Joseph Bonaparte Gulf, offshore northern Australia. Melbana now has until 23 May 2027 to complete geological and geotechnical studies, including well and operational planning, before deciding whether to progress to drill one exploration well by 23 May 2028. Melbana is seeking parties interested in funding an exploration well to further derisk the prospect in return for receiving an interest in the Permits. A copy of the technical presentation Melbana is using during the farmout process is available on the Company’s website. The permits include a Prospective Resource of over 466 BCF of gas or 90 million barrels of oil (unrisked best estimate, 100%) called the Hudson Prospect. Figure 6 – The location of the Company’s Exploration Permits WA-544-P and NT/P87 relative to WA-488-P. AC/P70 (Melbana 100%) On 16 February 2022, the Company announced that it had been granted petroleum exploration permit AC/P70, located in the Territory of Ashmore and Cartier Islands, for an initial period of six years. Melbana made an application for this permit under the Australian Government’s 2020 Offshore Petroleum Exploration Acreage Release (See Figure 7). Since being awarded the permit, the Company has licensed various datasets and undertaken considerable work to better understand what exploration opportunities might exist there. The undeveloped Vesta-1 oil discovery (drilled in 2005) lies within the permit area and an appraisal well drilled in 2007 identified a gas cap. 16 Melbana Energy Limited Annual Report 2026
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