Note 20. Financial instruments (continued) Fair value of financial instruments Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value. The carrying amounts of trade receivables and trade payables are assumed to approximate their fair values due to their short-term nature. Where appropriate, the fair value of financial liabilities is estimated by discounting the remaining contractual maturities at the current market interest rate that is available for similar financial instruments. Note 21. Key management personnel disclosures Compensation The aggregate compensation made to Directors and other members of Key Management Personnel of the Consolidated Entity is set out below: 30-June-26 $ 30-June-25 $ Short-term employee benefits 2,042,608 2,300,699 Post-employment benefits 113,368 118,305 Termination benefits 209,377 – KMP compensation 2,365,353 2,419,004 A percentage of the fixed remuneration of the Key Management Personnel is allocated to the exploration assets based on the percentage of time written to each exploration project by each individual. Note 22. Remuneration of auditors During the financial year the following fees were paid or payable for services provided by MNSA, the auditor of the Company: 30-June-26 $ 30-June-25 $ Audit services Audit or review of the financial statements 62,885 50,284 Remuneration of auditors 62,885 50,284 Note 23. Commitments Guarantee The Consolidated Entity has provided no guarantees (2025: nil) at 30 June 2026. Exploration Commitments At 30 June 2026, the Consolidated Entity had no commitments for exploration expenditure. All minimum work commitments applicable to Cuba Block 9 and the Consolidated Entity’s Australian exploration permits had been satisfied. There was no approved forward work program or binding obligation to undertake further exploration activities at Block 9, and no exploration expenditure was committed for the Australian permits for the next financial year. Further appraisal and development activities may be undertaken to advance Block 9, but no related expenditure was committed at the reporting date. Any future work program will proceed only when the necessary funding and approvals have been secured. Future commitments may arise if the Consolidated Entity elects to enter a subsequent permit period or approves a new work program. Failure to meet any such future commitments could affect the relevant rights of tenure and require the carrying amounts of the associated assets to be reassessed. 71 Melbana Energy Limited Annual Report 2026
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