• Regulator approves seabed geotechnical environment plan within WA-488-P - a key
milestone prior to exploration drilling.
• Melbana sold WA-488-P in 2021 to a US oil major that is planning to drill an exploration well
to evaluate the Beehive prospect in WA-488-P between now and December 2025, subject
to permitting and rig availability. A suitable drilling rig is heading to Australia in Q2 2024 to
drill in neighbouring permits.
• Melbana is entitled to a payment of US$5 million contingent on elections that the permit
holder may make in the future. Melbana is also entitled to a royalty of US$10 million per
each 25 million barrels of oil equivalent produced from the permit should the exploration
well be a success. Melbana has no funding commitments for the exploration well.
• Beehive has been independently estimated to hold up to 1.4 billion barrels of oil.