Melbana Energy Limited · ASX:MAY
Melbana Energy — Shareholder Meeting (November 2025)
29 slides from Melbana Energy's shareholder meeting presentation, Nov 20, 2025
Slide 1: Chairman’s Letter – 2025 AGM
Chairman’s Letter – 2025 AGM Dear Shareholders, Good morning and welcome to the 2025 Annual General Meeting of Melbana Energy Limited. My name is Andrew Purcell and I am the Executive Chairman of the company and also the Chairman of today's Meeting. There are quite a few resolutions for you to consi
Slide 2: Chairman’s Letter (continued)
mentioned earlier, we conducted a workover of this well earlier this year to try and repair the formation damage we believe we caused when we shut it in. The workover was only partially successful, so our options are to try another workover, drill a sidetrack into an undamaged part of the formation
Slide 3: Melbana Energy Limited Annual General Meeting
Melbana Energy Limited ASX Code : MAY Annual General Meeting 20 November 2025
Slide 4: Disclaimer
Disclaimer Summary of information: This presentation contains general and background information about Melbana will form the basis of any contract or commitment. This presentation is not a prospectus. Offers of securities in Energy’s activities current as at the date of the presentation and should n
Slide 5: Index
Index 1. The year in review 2. Operations update ‣ Cuba ‣ Australia 3. HSE & community activities 4. Corporate information 5. Summary 3
Slide 6: Review of FY2025 – Cuba
Review of FY2025 Cuba ‣ Alameda-2 Amistad Unit 1B reservoir workover conducted with an initial 488 BOPD on pump. ‣ Production established from Alameda-2 post-workover with more than 22 thousand barrels of oil in inventory at the end of the financial year. ‣ Oil transport and storage options finalise
Slide 7: FY2025 progress since previous period – Australia
FY2025 progress since previous period Australia ‣Melbana was formally awarded the 516 km2 exploration permit WA-552-P, in the first offshore release in years. ‣WA-544-P & NT/P87 Hudson prospect farm-out project continued seeking a suitable farm-out partner for the Prospective Resource1 of either 466
Slide 8: Operations
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Slide 9: Our projects
Our projects Australia ‣ WA-544-P & NT/P87 Cuba ‣ AC/P70 ‣ WA-552-P ‣ WA-488-P (contingent cash/royalty interest) Cuba ‣ Block 9 7
Slide 10: FY2025 report card
FY2025 report card Workover and acidization partially restored well productivity Program Result Implication ALAMEDA-2 • Re-perforated well • Unit 1B flows improved • Better to avoid damage than • Acid wash & squeeze • 488 bbl/d vs 293 bbl/d prior remove it • Production log run • Increase only partia
Slide 11: Review of Alameda-2 Workover
Review of Alameda-2 Workover WHAT HAPPENED? ‣ Workover of Unit 1B purpose was to restore well productivity. ‣ A service rig was used to conduct the operation, primarily on 12-hour operations. ‣ The well was re-perforated, including over additional intervals. A total of 196m of perforations were succ
Slide 12: Melbana RDF
Melbana RDF WHAT AND WHY? ‣ A proprietary reservoir drilling fluid (Melbana RDF) was designed after the observation of formation damage in Alameda-2 and Alameda-3 wells. ‣ The observed damage mechanism was barite embedment and crystalline precipitates. ‣ Primary objective was to develop an RDF which
Slide 13: Review of Amistad-2 Drilling
Review of Amistad-2 Drilling WHAT HAPPENED? ‣ Timing of drilling was delayed due to logistical challenges. ‣ Top carbonates intersected 600 m deep to prognosis due to interpretation of vintage data with poor shallow resolution and lack of seismic velocity control. ‣ The well was deepened to 2,000 m.
Slide 14: 2D “Thumper” Geohazard Survey
2D “Thumper” Geohazard Survey WHAT AND WHY? ‣ 18 km shallow geohazard seismic survey to tie existing and proposed well pad locations. ‣ Australian built accelerated weight drop system with wireless seismic nodes. APPROACH ‣ Image the shallow subsurface, which is poorly or not imaged by historic seis
Slide 15: Next Steps
é Melbana Energy Next Steps
Slide 16: Offtake Financing
Key commercialisation elements are in-place • Permission to export 100% of oil • Offtake/financing indicative terms • Joint oil marketing agreed • Partnered with Sonangol (70%) • Melbana Spain marketing agent • International buyers of oil • Interest in Amistad oil high Offtake Financing Preparations
Slide 17: Amistad field development program
Amistad field development program ‣ Process and interpret recently acquired shallow seismic data. SHORT TERM PROGRAM ‣ Reprocess existing seismic with new velocity data. ‣ Acquire a small-scale seismic survey along the Alameda-2 anticline. ‣ Recommence drilling along the Alameda-2 anticline trend. P
Slide 18: Amistad field development program – Amistad-11 target
Amistad field development program ‣ Up-dip of Alameda-2, 50-80 m form the prior producing well. AMISTAD-11 TARGET ‣ Outside the area of likely Alameda-2 production. ‣ In an area of geological high-confidence. ‣ Area not in communication with Amistad-2. PROPOSED AMISTAD- 11 AMISTAD-2 AMISTAD-11 GOALS
Slide 19: Our Australian projects
Melbana Energy Our Australian projects ™ TO
Slide 20: Australia optionality
Australia optionality WA-488-P WA-544-P & NT/P87 AC/P70 Beehive Prospect Hudson opportunity ‣ Up to ‣ Melbana retains 100% of 1.4 billion barrels adjacent Beehive- lookalike (Hudson of oil prospect* Prospect) with up to ‣ Environmental plan to drill 1.2 billion barrels approved up to 3 wells**. reco
Slide 21: Australia optionality – AC/P70
Australia optionality AC/P70 Swan and Vesta ‣ Interpretation of reprocessed 3D seismic complete. ‣ Reprocessing delivered improved understanding of the structure and size of the Vesta closure. ‣ Elevated reflectivity is noted below the TD of Vesta-1, possibly indicating the Plover sand target of Ves
Slide 22: Health Safety Environment & Community
Health Safety Environment & Community 20
Slide 23: Melbana community connections long lived
Melbana community connections long lived Knowledge and local support Supply of goods ‣ Topographic surveys of roads for maps for municipality. ‣ Focus on local hiring, goods and services, e.g. some civil ‣ Investment in natural channels / drainage in the area. works and road maintenance, installatio
Slide 24: Alameda-2 Workover HSE summary
Alameda-2 Workover HSE summary ‣ No LTI. ‣ One medical treatment of Item Unit Total Man hours (Melbana) Hrs 11,514 contractor personnel. ‣ Safety alert relating to Man hours (Sherritt) Hrs 18,036 bushfires in the area due to Amistad-2 Final Total Man hours at rig Hrs 29,550 extended dry weather. Fat
Slide 25: Amistad-2 HSE summary
Amistad-2 HSE summary ‣ No LTI. ‣ One medical treatment of Item Unit Total Item Unit Total Safety Induction No. Person 26 Man hours (Melbana) Hrs 12,120 service contractor personnel. ‣ Several late season dengue Job Safety Analysis (JSA) No. 135 Man hours (Sherritt) Hrs 21,132 Permit to Work (PTW) N
Slide 26: Corporate
é Melbana Energy Corporate UEB COMPRAS Y COMERCIALIZACION
Slide 27: Corporate snapshot: an experienced team with a proven track record
Corporate snapshot: an experienced team with a proven track record As of 30 September 2025 Company Information Andrew Purcell Michael Sandy Peter Stickland Uno Makotsvana Chris McKeown Executive Chairman Non-Executive Director Technical Director CFO & Co Secretary CCO Objective Melbana Energy Limite
Slide 28: Summary
Summary ‣Appraisal and development of the shallow Amistad discovery will continue. ‣Alameda-2 workover established production from the field. ‣Amistad-2 proved the efficacy of our proprietary drilling fluid and operating practices. ‣The need for more and better quality seismic was known and has come
Slide 29: End of Presentation
End of Presentation QUESTIONS? Melbana Energy Limited ABN 43 066 447 952 Mezzanine Floor, 388 George Street Sydney NSW 2000 AUSTRALIA Contact Telephone: +61 (2) 8323 6600 Email: admin@melbana.com