04 Melbana Energy Limited Annual Report 2026 Highlights Cuba Block 9 Cuba Cuba Block 9 Production Sharing Contract (Melbana 30%; overall interest in the block is being restructured with potential to assign the remaining 70% fully to Melbana). Block 9 activity centred on Amistad-2 and preparation for Amistad-11 before the joint operation partner’s funding default and CUPET’s designation led to care and maintenance. AMISTAD-2 DEVELOPMENT WELL › Amistad-2 was spudded on 18 September 2025 from Pad 9, targeting Unit 1B up-dip of Alameda-2. › The primary target interval had been eroded; drilling continued to 2,000 metres and intersected 169 metres of highly porous net reservoir. › Flow testing confirmed high permeability but recovered no oil; the results informed the subsequent structural reinterpretation. › New 2D seismic and LiDAR supported a revised structural model and basis for future well targeting; the planned 3D survey was deferred when funding ceased. AMISTAD-1 › Amistad-1 flowed oil unassisted after being reopened, indicating reservoir recharge and supporting the proposed new production well from Pad 1. JOINT OPERATION DEFAULT AND PROPOSED ASSIGNMENT › The joint operation partner ceased funding in November 2025; Amistad-11 was deferred and personnel and equipment were demobilised. › The default cure period expired in April 2026 without remedy. › The partner was notified that it was deemed to have withdrawn and that its 70% interest is to be assigned to Melbana, subject to Cuban regulatory approval. Amounts remain owed and Melbana is pursuing recovery.
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