Ann: Block 9 Operations Update, page-25

Key Positives:Significant Production IncreaseThe workover of Unit 1B at Alameda-2 has led to a 66% increase in production (from 293 to 488 BOPD average), reaching peak rates of 1,235 BOPD—a strong performance from the reservoir.Full-Time Production CommencedThe well has moved into full-time production, and loading to tankers has begun. This implies cash flow is now being generated.Future Development in MotionDrilling of the Amistad-2 production well (first dedicated production well for Unit 1B) is expected to start late next month, indicating an active and ongoing development strategy.New RDF (Drilling Fluid) DevelopedThey’ve addressed past formation damage issues by developing a proprietary reservoir drilling fluid compatible with the Unit 1B reservoir—showing adaptability and technical progress.Planned Additional Production Well (Amistad-3)Construction is progressing for a second contingent production well, which shows confidence in reservoir potential.Potential Risks / Considerations:Formation Damage ObservedPast formation damage in Alameda-2 and possibly Alameda-3 required remedial stimulation and workover—highlighting some reservoir sensitivity that needs ongoing management.Execution TimelineThe workover took longer than planned due to safety constraints and operational limitations (e.g., no CTU/nitrogen service available), which may impact speed of future deployments unless addressed.Market View Summary:This announcement should be viewed positively by investors, especially becauseroduction is now flowing.Commercial potential is being realized with infrastructure and operations scaling up.Technical challenges were overcome with innovative solutions (e.g. RDF).The company is on track to further develop and expand output from a highly productive zone.If you’re holding Melbana or considering investing, this shows good momentum—though as always, success hinges on execution of upcoming wells and reservoir stability.