Block 9 PSC. The Company advised that neither it nor any of its subsidiaries had been designated as an SDN under Executive Order 14404 or under any other applicable U.S. sanctions program administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). The Company further advised that it had been, and continued to be, engaged in obtaining external legal and regulatory advice regarding the implications of the Executive Order for its Cuban operations. As at 30 June 2026, the Company had not reached any conclusions or determined a definitive course of action in response to the designation. There have been no other significant changes in the state of affairs of the Company during this financial year. Resource upgrades In 2025, the Company announced the Company’s maiden Contingent and Prospective Resource assessment relating to AC/P70 (Melbana 100%) and 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 reporting 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. Matters subsequent to the end of the financial year Subsequent to 30 June 2026, the Consolidated Entity received cash payments totalling $14.5 million in partial settlement of amounts outstanding from its former joint operation partner at the reporting date. Other than the matter disclosed above, no matter or circumstance has arisen sine 30 June 2026 that has significantly affected, or may significantly affect, the Consolidated Entity’s operations, the results of those operations or its state of affairs in future financial years. Likely developments and expected results of operations The Consolidated Entity will continue to protect and where circumstances permit, advance its interests in: – Block 9 PSC, in which the Consolidated Entity is the Operator. Following the designation of Unión Cuba-Petróleo (CUPET), its contractual counterparty under the PSC, as a Specially Designated National, the Consolidated Entity suspended its direct financial, technical and administrative participation in the PSC and is not currently in a position to undertake further operational or development activities. The Consolidated Entity continues to engage with the U.S Department of Treasury’s Office of Foreign Assets Control (OFAC), together with its legal advisers, to identify a legally compliant pathway that would enable the continued development of Block 9 and preserve its contractual and economic interests. Until sufficient regulatory clarity or authorisation is obtained, activities will remain limited to those legally permissible and necessary to safeguard personnel, sites and assets. The timing and outcome of this process remain uncertain. Technical information obtained from the drilling and seismic programs completed to date will inform future well planning if and when operations are able to resume. – The titleholder of WA-488-P has obtained accepted environmental plans covering the drilling of Beehive-1 and potential multi-well exploration and appraisal program. The accepted multi-well plan provides an activity window extending to 31 December 2029; however, the timing of any drilling remains subject to the titleholder’s technical, commercial, regulatory and operational decisions, an no commencement date has been publicly confirmed. The Consolidated Entity has no participating interest in WA-488-P and no exposure to the costs of the drilling program,but remains entitled to contingent cash and production linked payments under the agreement pursuant to which it sold the permit, subject to future elections by the titleholder and commercial success. – Permit areas NT/P87 and WA-544-P are seeking a farmout partner to fund forward work programme commitments as well as, ideally, undertaking a 3D seismic survey to further derisk the Hudson Prospect; – Permit area AC/P70 is seeking a farmout partner to fund the future work programme leading to the planning and drilling of an exploration well acquisition; and, – Its other permit areas and licences. 23 Melbana Energy Limited Annual Report 2026
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