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Melbana Energy - Quarterly Activities Summary & 5B to 31 December 2021


Cuba - Block 9 PSC (Melbana 30%)

  • Two well program on Block 9 commenced 13 September 2021 with first well, Alameda-1
  • Alameda-1 has confirmed the presence of oil within the shallowest upper sheet objective with at least 48 metres of pay interpreted on wireline logs
  • Drilling continues towards targets ‘N’ and ‘Alameda’ with total depth expected to be achieved in late February 2022
  • Alameda-1 has three targets with a combined pre-drill Prospective Resource of 143 MMBBLS (Best Estimate)1, each of which have previously recovered hydrocarbons and the best of which is independently assessed to have a 32% chance of success
  • Second well (Zapato-1) will immediately follow Alameda-1 and take about 55 days (dry well basis). Single target near to the shallower Motembo oil field (which has historically produced a high-quality light oil). Prospective Resource 95 MMBBLS (Best Estimate)1
  • Total pre-drill Prospective Resource of the two well drilling campaign is 236 MMBBLS (Best Estimate)1
  • There have been minimal incidents of COVID-19 infections at the drilling site, in part due to rigorous site testing and monitoring procedures. These have had minimal impact on operations and there have been no other HSE issues

Australia
• Sale of WA-488-P (containing the Beehive prospect) to EOG Australia completed
• Melbana received payment of US$7.5 million and remains entitled to further contingent cash payments of US$5.0 million plus contingent royalties of US$10 million per 25 MMBOE
produced and sold from the permit area
• WA-488-P has a commitment well required no later than 21 August 2023

Corporate
• $20.0m cash available at the end of the quarter

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