Note 23. Commitments (continued) WA-544-P and NT/P87 (Melbana 100%) The permits are currently in the fifth year, the work commitments for which have been completed. The Company may withdraw from the permits prior to entering the sixth and final year, which contain more material expenditure commitments. These permits lie adjacent to WA-488-P and allow the Company to build on the knowledge it has gained in that permit area to pursue other leads in this expanded area. They contain the undeveloped oil discoveries Turtle and Barnett. Melbana has recently completed the initial phase of geoscientific studies on this property and there is no obligation to perform any additional studies in the coming financial year. AC/P70 (Melbana 100%) On 16 February 2022, the Company announced that it had been granted petroleum exploration permit AC/P70, located in the Territory of Ashmore and Cartier Islands, for an initial period of six years, but subsequently suspended and extended to nine years. Melbana made this application for this permit under the Australian Government’s 2020 Offshore Petroleum Exploration Acreage Release. The Company has recently completed the reprocessing and interpretation of available seismic data on this title. There is a primary term commitment to drill one exploration well by February 2029. A farm-in exercise is currently underway to identify a third party interested in acquiring a position in the permit in consideration for funding the drilling of this well. Cuba Block 9 (Melbana 30%) In September 2015, Melbana entered into the Block 9 Production Sharing Contract (PSC) with Cuba’s National Oil Company, Unión Cuba Petróleo (CUPET). The exploration period is divided into four sub-periods, with withdrawal rights available at the end of each sub-period. At 30 June 2026, all work commitments applicable to the current exploration sub-period had been satisfied. Any future appraisal or development activities will be subject to a future decision by the Consolidated Entity, the necessary regulatory approvals and the availability of funding. Accordingly, the Consolidated Entity had no material Block 9 work program commitments at 30 June 2026. Note 24. Related party transactions Parent entity Melbana Energy Limited is the parent entity. Subsidiaries Interests in subsidiaries are set out in Note 26. Key management personnel Disclosures relating to key management personnel are set out in Note 21 and the remuneration report included in the Directors’ report. Transactions with related parties None. Receivable from and payable to related parties There were no trade receivables from or trade payables to related parties at the current and previous reporting date. Loans to/from related parties There were no loans from or loans to related parties at the current and previous reporting date. Terms and conditions All transactions were made on normal commercial terms and conditions and at market rates. Notes to the Consolidated Financial Statements for the year ended 30 June 2026 72 Melbana Energy Limited Annual Report 2026
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