Note 16. Receivables from former joint operating partner (continued) Receivables from joint operating partner represent cash calls issued to Sonangol by the Company as operator, when Sonangol was a joint operating partner under the Joint Operating Agreement executed on 25 May 2020. At 30 June 2026, Sonangol’s entire Block 9 participating interest was deemed assigned to Melbana following its uncured funding default. Sonangol is therefore no longer a joint operating partner under the Joint Operating Agreement. The transfer remains subject to final regulatory approval. The Consolidated Entity recognised a loss allowance against amounts relating to the 2026 work programme that may not be recoverable. In determining the allowance, the Directors considered Sonangol’s funding default, the status of operations, the absence of an approved forward work programme and receipts received after year-end. Recognition of the allowance does not waive or otherwise affect the Consolidated Entity’s contractual rights to recover the full amounts outstanding. Refer to Note 26 and the Directors’ Report for further information. Contract liabilities represented amounts called from the former joint operating partner for approved work programme activities that had not yet been performed by the Company as operator. At 30 June 2026, all current work commitments had been satisfied and there was no approved forward work programme requiring further activities to be performed. Accordingly, there were no remaining undelivered work obligations and the contract liability was derecognised during the year. Note 17. Issued capital Movements in ordinary share capital 30-June-26 No. 30-June-25 No. 30-June-26 $ 30-June-25 $ Ordinary shares – fully paid 3,781,968,808 3,370,204,104 326,921,080 320,473,026 Date Shares Issue Price $ Opening balance 1 Jul 2025 3,370,204,104 320,473,026 Issue of fully paid ordinary shares 25 Aug 2025 7,411,766 $0.017 126,000 Issue of fully paid ordinary shares 26 Aug 2025 382,294,114 $0.017 6,499,000 Issue of fully paid ordinary shares 3 Oct 2025 15,000,000 $0.017 255,000 Issue of fully paid ordinary shares 24 Nov 2025 2,764,706 $0.017 47,000 Issue of fully paid ordinary shares 18 Dec 2025 2,352,941 $0.017 40,000 Issue of fully paid ordinary shares 19 Dec 2025 1,941,177 $0.017 33,000 3,781,968,808 327,473,026 Less: Share issue costs (422,200) Less: Broker’s options issued as placement consideration (129,746) Weighted Average Issue Price Closing balance 30 Jun 2026 3,781,968,808 $0.088 326,921,080 Ordinary Shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. Share issue costs Incremental costs directly attributable to the issue of new shares or options, including cash fees and the fair value of equity instruments issued to service providers, are deducted from equity, net of any related tax benefit. Notes to the Consolidated Financial Statements for the year ended 30 June 2026 66 Melbana Energy Limited Annual Report 2026
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