In 2025, the Company completed interpretation of the reprocessed 500km2 legacy Pantheon 3D seismic survey. The reprocessing substantially enhanced the seismic data quality enabling the identification and mapping of significantly larger exploration targets within and adjacent to the working petroleum systems of the greater Swan and Vesta discoveries. Some of these areas are updip to the old discovery wells, further increasing the chance of success. The combined unrisked gross best estimate Prospective Resource for the permit is 2,754 Bcf and 43 MMbbl. 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 Northwestern Australia. Advanced geophysical studies resulted in a 3.7% increase in Prospective Gas Resource6 to 2,857 Bcf (unrisked gross best estimate) and an 81% increase in Prospective Oil Resource to 78 MMbbl (unrisked gross best estimate) and maturation of the Hadrosaurus lead to Prospect status. Estimates were made using probabilistic methods with arithmetic aggregation of totals. AC/P70 contains the undeveloped Swan gas field, discovered by Arco in 1973 while exploring for oil and which was further appraised by an additional two wells by BHP in 1991. Wireline pressure data and recovered gas samples from several sands of the Cretaceous Puffin sandstone confirmed a common pressure regime and the presence of mobile gas. The Vesta oil and gas field was discovered by ENI in 2005, also whilst exploring for oil, and was appraised by a second well. Three DST confirmed the presence of producible oil and gas from the Jurassic “Spec Di” reservoir but the field has not been developed. Significant and relatively high probability-of-geologic success (Pg) prospective resources are interpreted within untested compartments up-dip of the discovery wells. In 2025, the Company assessed the combined best estimate (2C) Contingent Resource volume for the Swan and Vesta fields was 276 Bcf and 34 MMbbl.The permit is adjacent to existing production and facilities offering a clear pathway to commercialisation of any significant discovery. Melbana is looking to farm out some of its 100% interest in the permit to a suitably qualified partner in return for an upfront cash contribution to back costs and funding the forward technical work programme, which includes one exploration well. The permit contains the undeveloped Swan gas field, discovered by Arco in 1973 while e oil and which was further appraised by an additional two wells by BHP in 1991. Wireline pr and recovered gas samples from several sands of the Cretaceous Puffin sandstone c common pressure regime and the presence of mobile dry gas. The Vesta oil and gas field was discovered by ENI in 2005, also whilst exploring for o appraised by a second well. Three drill stem tests (DST) confirmed the presence of pr and gas from the Jurassic reservoir, but the field has not been developed. Significant an high probability of geologic success prospective resources are interpreted within compartments up-dip of the discovery wells. During 2024, in fulfilment of its work commitments, 500km2 of the publicly available Pa seismic survey data was reprocessed. Interpretation of the reprocessed data indicated a previously interpreted closure at Swan in the deeper Jurassic and Plover sections. The holds the potential for large, un-tested, Triassic and Permian structural closures. The permit is adjacent to existing production and facilities offering a clear p commercialisation of any significant discovery. Melbana has engaged an advisor to assist it with farming out some of its 100% interest in to a suitably qualified partner in return for an upfront cash contribution to back costs and forward technical work programme, which includes one exploration well. Figure 6 - AC/P70 permit prospect and lead location Figure 7 – Location of AC/P70 and reprocessed 3D seismic volume outline. 6 See ASX announcements dated 10 October 2025. 17 Melbana Energy Limited Annual Report 2026
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