Ann: Quarterly Activities Summary Period Ended 31 March 2025, page-31

Decision Time — Catalysts Stacked, But Execution Now Critical

Big quarter ahead for Melbana Energy (ASX: MAY) — both opportunities and risks are now coming to a head.

✅ First oil cargo from Alameda-2 clean-up expected soon — could kickstart revenue generation.
✅ Amistad-2 drilling about to spud in June quarter, targeting a 16 million barrel high-confidence zone with lessons learned from Alameda-2.
✅ Timor Sea AC/P70 resource estimates announced:

• 2,754 Bcf gas + 43 MMbbl oil (unrisked prospective).

• 276 Bcf gas + 34 MMbbl oil (contingent).
  ✅ Civil works progressing ahead of schedule.

⚠️ Cash burn remains (~$2.17M this quarter) ahead of major drilling spend.
⚠️ $18.4M receivable from JV partner still outstanding — important for liquidity.
⚠️ Amistad-2 drilling success is critical.
⚠️ No guarantee yet on securing a farm-in partner for AC/P70.

Summary:
MAY is entering a crucial phase — success at Amistad-2 and the first oil cargo could push a major rerate.
Failure to deliver could raise funding pressure.
High-risk, high-reward territory — eyes on execution over the next few months.