Production linked payments will take time but if successful.US...

Production linked payments will take time but if successful.

US $10.0 million income every 25 million barrels of oil.

Big profits with No costs.

Highlights: - Sale of WA-488-P to a subsidiary of EOG Resources, Inc. (NYSE: EOG). EOG intends to drill an exploration well targeting the Beehive Prospect in 2022. - Houston based EOG is a Fortune 500 company with an enterprise value of US$32 billion. In 2020 it produced the equivalent of more than 275 million barrels of oil. This transaction is EOG’s first Australian venture. - Consideration payable for the sale: → An upfront payment of US$7.5 million, subject to satisfaction of Conditions Precedent → Contingent payments of US$5.0 million, subject to EOG making certain future elections with regards to the permit following completion of the exploration well → Production linked payments of US$10.0 million for each 25 million barrels of oil equivalent produced, in the event of a commercial discovery NB: An independent expert appointed by Melbana has estimated the Prospective Resource of the Beehive Prospect to be 416 million boe1 (Best Estimate) up to 1.4 billion boe (High Estimate)2 - The sale of WA-488-P to an experienced and well-resourced party such as EOG delivers upfront cash and an interest in any future production without exposure to the cost of appraising and developing a discovery. - Full ownership retained of adjacent permit areas, WA-544-P and NT/P87, containing the undeveloped Turtle and Barnett oil discoveries.