#1Investor Webinar Presentation SYDNEY, AUSTRALIA (20 December 2023) Melbana Energy ABN 43 066 447 952 Melbana Energy Limited Mezzanine Floor, 388 George St Sydney NSW 2000 Australia T +61 2 8323 6600 E [email protected] www.melbana.com Melbana Energy Limited (ASX: MAY, Melbana) is pleased to advise it will host an investor webinar at 11:00 AM AEST on Wednesday, 20 December 2023. Melbana will be providing further updates on the latest progress and ongoing operations at the Alameda-3 Appraisal Well in Cuba. The briefing will be followed by a Q&A session. Questions can be submitted now to [email protected] or in written form during the webinar. Anyone wishing to attend the webinar must register using the below link. Webinar Details Date and time: 11:00 AM AEST (9:00 AM AWST) on Wednesday, 20 December 2023 Register via: https://attendee.gotowebinar.com/register/1008957385489472604 ENDS. For and on Behalf of the Board of Directors: Andrew Purcell Executive Chairman For further information please contact Dr Chris McKeown Chief Commercial Officer +61 2 83 23 66 00 Melbana Energy Limited Page 1 of 1#2Melbana Energy Webinar 20 December 2023#3Disclaimer Melbana Energy Summary of information: This presentation contains general and background information about Melbana Energy's activities current as at the date of the presentation and should not be considered to be comprehensive or to comprise all the information that an investor should consider when making an investment decision. The information is provided in summary form, and should not be considered to be comprehensive or complete. Not financial product advice: This presentation is not financial product, investment advice or a recommendation to acquire securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. Disclaimer: Melbana Energy and its related bodies corporate and each of their respective directors, agents, officers, employees and advisers expressly disclaim, to the maximum extent permitted by law, all liabilities (however caused, including negligence) in respect of, make no representations regarding, and take no responsibility for, any part of this presentation and make no representation or warranty as to the currency, accuracy, reliability or completeness of any information, statements, opinions, conclusions or representations contained in this presentation. In particular, this presentation does not constitute, and shall not be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Melbana Energy. Future performance: This presentation contains certain forward-looking statements and opinion. The forward- looking statements, opinion and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Melbana Energy. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward looking statements or other forecast. Risks: An investment in Melbana Energy is subject to investment and other known and unknown risks, some of which are beyond the control of Melbana Energy. will form the basis of any contract or commitment. This presentation is not a prospectus. Offers of securities in Melbana Energy will only be made in places in which, or to persons to whom it would be lawful to make such offers. This presentation must not be disclosed to any other party and does not carry any right of publication. Neither this presentation nor any of its contents may be reproduced or used for any other purpose without the prior written consent of Melbana Energy. No Distribution in the US: This presentation is not an offer of securities for sale in the United States. Any securities to be issued by Melbana Energy have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act. No public offer of the securities is being made in the United States and the information contained herein does not constitute an offer of securities for sale in the United States. This presentation is not for distribution directly or indirectly in or into the United States or to US persons. Monetary values: Unless otherwise stated, all dollar values are in Australian dollars (A$). The information in this presentation remains subject to change without notice. No distribution: Distribution of this presentation may be restricted by law. Persons who come into possession of this presentation should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. Contingent and Prospective Resources: Unless otherwise specified, the information that relates to Contingent Resources and Prospective Resources for Melbana is based on, and fairly represents, information and supporting documentation compiled by Mr. Peter Stickland, who is a Director of the company and has more than 30 years of relevant experience. Mr. Stickland is a member of the European Association of Geoscientists & Engineers and the Petroleum and Exploration Society of Australia. Mr. Stickland consents to the publication of the resource assessments contained herein. The Contingent Resource and Prospective Resource estimates are consistent with the definitions of hydrocarbon resources that appear in the Listing Rules. Conversion factors: 6 Bscf gas equals 1 MMboe; 1 bbl condensate equals 1 boe; "MMstb” means million stock tank barrels of oil. Prospective Resources Cautionary Statement (PRCS): The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Future exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Not an offer: This presentation is not, and should not be considered as, an offer or an invitation to acquire securities in Melbana Energy or any other financial products and neither this document nor any of its contents 2#4Transformational year A lot has happened since last year Fonly a muntar e afer best 3ampleet unde √3200 1290 Cl=50m 5 km W-544P NT-P87 Hudson -4050ms -3570mss Furtle Liberator cape Ford Turtle 24 Kitiyhawk Melbana Energy N Corporate Strategy focused to become $1b company within 3 years $31m cash in bank fully funded for appraisal drilling Experienced General Counsel, Exploration Manager, CFO, CCO and COO appointed Cuba Alameda-2 confirms shallow, high quality development project Alameda-2 early production project ironing out logistics. Alameda-3 deep well targeting 179 million barrel best estimate prospective resource commenced Internal development studies and resource assessment progressing prior to third party review Australia Billion-barrel Beehive prospect to be drilled as early as 2024 by major Adjacent billion-barrel Hudson prospect farm-out project underway AC/P70 interpretation project underway 3#52023 appraisal operation success Melbana Energy SHE2003-16 0903007 0903016 SHE2003-16 0903016 P-34 HE2003-07 P-39 SHE2003-16 0903016 LINE 1 1 1 1 1 1 1 1 1 TRACE 702 682 662 642 622 602 582 562 542 522 502 482 462 442 422 402 382 1 362 342 O -1000- Potentially more Unit 3 -1250- Large Duplex -2000- composed of N and I sheet -2250- First Appraisal Well Alameda-2 Goal was to log, core and test all three units of the Amistad formation, intersected during the drilling of Alameda-1 between 450m and ~2,000m, targeting 88 million barrels of Prospective Resource * Alameda-2 drilling commenced June 2023 and reached TD (1975m) ahead of schedule on 31 July 2023 Unit 1B: 19° API, 30CP, low S oil Observed net pay increased to 615m (incl. fractures) Second Appraisal Well Alameda-3 Drilling commenced Test the Alameda and Marti formations 179 million barrels -250- -500- -750- -1500- -1750- of Prospective Resource* -2500- Same project management team and same contractors, thus leveraging the hard-earned experience they gained drilling Melbana's first two exploration wells in Cuba -2750- -3000- -3250- -3500- -3750- -4000- * Gross unrisked best estimate Prospective Resource, see PRCS on page 2 Fault repeat Unit 3 Alameda2 Unit 3 Alameda 3 Unit 1A Shale seal Unit 1B eda Unit 3 Unit 2 Alameda N Sheet Marti I Sheet Alameda-2 drilled and completed in Unit 1B. Early production brought online in October. Alameda-3 commenced 15 December 2023. 0904411 0904411 322 1 302 0903016 SHE2003-16 282 4#6Alameda-3 time vs depth plan 0 Drill 17-1/2" Hole SPUD @ 06:00 hrs 15/12/2023 Open Hole to 24" TD REACHED @ 500 18-5/8" casing 425mMD RIG RELEASED @ 1000 1500 13-3/8" casing 1731mMD € 2000 DEPTH (m MD ) 2500 3000 9-5/8" casing 2869mMD 3500 7" casing 4000 3586mMD 4-1/2" liner 3835mMD 05 10 15 20 25 25 20 30 30 DST-1 35 40 40 Core-1 45 50 55 60 65 70 70 DAYS FROM SPUD Prognosed Depth Actual Depth Melbana Energy Core-2 Core-3 PTD: 3835mMD 75 80 85 90 95 100 105 110 5000 23 HRS Melbana Energy #16 10,000 psi BOP Installed after setting 18-5/8" casing to drill 17-1/2" section Upgraded wellhead Built to handle 18 5/8" casing at up to 10,000 psi 5 LO#7Alameda-3 operations/test sequence Drill 17-1/2" Hole to top of Unit-3 Seal Unit-3 Seal Alameda Reservoir Seal Marti Reservoir Melbana Energy 6#8Alameda-3 operations/test sequence Run and Cement 13-3/8" Casing to isolate higher pressure intervals from shallower zones Once 13-3/8" casing cemented production can continue in Alameda-2 13-3/8" Casing Shoe Seal Unit-3 Seal Alameda Reservoir Seal Marti Reservoir Melbana Energy 7#9Alameda-3 operations/test sequence Drill ~100m into Unit-3 and run Test-1 in open hole 13-3/8" Casing Shoe DST-1 Open Hole Seal Unit-3 Seal Alameda Reservoir Seal Marti Reservoir Melbana Energy 8#10Alameda-3 operations/test sequence Drill 12-1/4" hole to top of Alameda Reservoir Interval 13-3/8" Casing Shoe DST-1 Open Hole Seal Unit-3 Seal Alameda Reservoir Seal Marti Reservoir Melbana Energy 9#11Alameda-3 operations/test sequence Set 9-5/8" Casing to secure the well and protect intervals already drilled from higher pressure Seal 13-3/8" Casing Shoe Unit-3 DST-1 Open Hole Seal 9-5/8" Casing Shoe Alameda Reservoir Seal Marti Reservoir Melbana Energy 10#12Alameda-3 operations/test sequence Drill 8-1/2" hole to base of Alameda Reservoir Interval Seal 13-3/8" Casing Shoe Unit-3 DST-1 Open Hole Seal 9-5/8"" Casing Shoe Alameda Reservoir Seal Marti Reservoir Melbana Energy 11#13Alameda-3 operations/test sequence Set 7" Liner with open annulus Seal and external 13-3/8" Casing Shoe casing packers to isolate potentially Unit-3 DST-1 Open Hole 3 zones within the Alameda Reservoir Interval Seal 9-5/8" Casing Shoe Alameda Reservoir Seal 7" Casing Shoe Marti Reservoir Melbana Energy 12#14Alameda-3 operations/test sequence Drill to Total depth within the Marti Reservoir Interval Seal 13-3/8" Casing Shoe Unit-3 DST-1 Open Hole Seal 9-5/8" Casing Shoe Alameda Reservoir Seal 7" Casing Shoe Marti Reservoir TD ~3835mMD Melbana Energy 13#15Alameda-3 operations/test sequence Set 4-1/2" Slotted liner over Marti Reservoir Interval 13-3/8" Casing Shoe DST-1 Open Hole Seal Unit-3 Seal Alameda Reservoir Seal 7" Casing Shoe Marti Reservoir 4-1/2" Slotted Liner TD ~3835mMD Melbana Energy 14#16Alameda-3 operations/test sequence Run Test-2 in the Marti Reservoir Interval through the slotted liner 13-3/8" Casing Shoe DST-1 Open Hole Seal Unit-3 Seal Alameda Reservoir DST-2 Seal Marti Reservoir 7" Casing Shoe 4-1/2" Slotted Liner TD ~3835mMD Melbana Energy 15#17Alameda-3 operations/test sequence Set a removable bridge plug to isolate Marti 13-3/8" Casing Shoe Reservoir Interval from lower DST-1 Open Hole pressured Alameda Reservoir Interval Seal Unit-3 Seal Alameda Reservoir DST-2 Seal Marti Reservoir 7" Casing Shoe 4-1/2" Slotted Liner TD ~3835mMD Melbana Energy 16#18Alameda-3 operations/test sequence Provision to perforate and test up to 3 Alameda 13-3/8" Casing Shoe Reservoir Interval DST-1 Open Hole zones either separately or comingled depending on well results DST-5 Perforated DST-4 Perforated DST-3 Perforated Seal Unit-3 Seal Alameda Reservoir DST-2 Seal 7" Casing Shoe Marti Reservoir 4-1/2" Slotted Liner TD ~3835mMD Melbana Energy 17#19Alameda-3 operations/test sequence Complete Best zone for Production 13-3/8" Casing Shoe DST-1 Open Hole DST-5 Perforated DST-4 Perforated DST-3 Perforated Seal Unit-3 Seal Alameda Reservoir DST-2 Seal 7" Casing Shoe Marti Reservoir 4-1/2" Slotted Liner TD ~3835mMD Melbana Energy 18#20Melbana Energy Field Development Planning T SVO#21Forward plan Step 1 Studies Underway 2023 III 貫 Step 2 Field Appraisal 2023/2024 31517 2:40 Potentially mare Unit 3 Large Duplex composed of N and I sheet Fault repeat Units Unit 1A Shale wal Unit 1B Unit 2 Alameda N Sheet Marti Sheet ☐ 496000 498000 500000 502000 60000 A96000 198000 600000 502000 604000 Melbana Energy Step 3 Near term development 2024/2025 tit Step 4 Full field development 2025/2026 494000 Cl=25m 1km 496000 498000 500000 502000 Upper Sheet Unit 1B PAD 504000 400m spacing= 31acres 650m spacing = 82acres Mar 5 PAD Marti-2 DAD A Alan da PAD 5 Geological, engineering, commercial & marketing studies and planning Work with regulator to facilitate oil exports Continue production and discussions with oil offtakers Appraisal drilling (including Alameda-3), integrate results into reserves Further technical data acquisition and integration Continue to bring oil production to market Convert appraisal wells to production Technical data acquisition, interpretation and integration Drill development wells and bring oil to market Drill further development wells to increase production Define exploration targets Upgrade facilities as required to increase to plateau production 350000 348000 346000 20 20#22bopd Amistad Unit 1B conceptual development * 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 2024 2025 2026 2027 2028 Unit 1B development plan including contributions from A-2 and A-3 2029 2030 2031 2032 Amistad Unit 1B Project Ж = 1 well drilled in Unit 1B Melbana Energy * Conceptual plan, assumes 100% working interest, JV and regulatory approval 21#23Unit 1B oil qualities export grade Next six months Unit 1B favourable characteristics of lighter density, low sulphur and low viscosity 7% Cuba, Varadero Cuba, Corralillo Oil characteristics study underway 6% Melbana Energy ° API Classification Sulphur (%) > 31.1 Light 22.3-31.1 Medium < 0.5 0.5 a 1.5 API Gravity V Sulphur Content 10 - 22.3 Heavy 1.5 a 3.0 < 10 Ultra heavy > 3.0 Cuba, Chapelin to understand price against regional oil price markers Discussions underway with potential oil buyers Similar oils in region include, Escalante, Castilla, Merey, Marlim & Maya. Talking to oil traders to investigate potential to pre-fund development Cuba, Yumuri Cuba, San Anton Cuba, Majaguillar 5% Cuba, Camaroica Sulphur Content (% m/m) Cuba, Marti 2 Cuba, Varadero Sur Cuba, Gausimas 4% Cuba, Cupey Mexico, Maya Cuba, Alameda-2 Unit 1B further test 3% Venezuela, Morichal 16. Cuba, Guadal Venezuela, Merey Ecuador, Napo Cuba, Pina Cuba, Bolarnos 2% Colombia, Castilla Cuba, Marti 5 Colombia, Magdalena Arab Light US, Midway Sunset US, THUMS 1% Cuba, Cantel Ecuador, Oriente Brent Venezuela, Mesa Test Unit Results ✓ or ☑ US, Wilmington Peru, Loreto Colombia, Vasconia ΑΡΙ API 18.7 Brazil, Marlim Argentina, Escalante 0% Sulphur % (m/m) ~ 2.6 10 20 WTI Cuba, Motembo Bonny Light 40 50 API Gravity https://www.mckinseyenergyinsights.com/resources/refinery-reference-desk/crude-grades/ Classification Low sulphurous Medium sulphurous Sulphurous High sulphurous 60 22#24Pathway to market being clarified Matanzas Supertanker Port Cupet-Bay of Matanzas Oil Refinery-Matanzas Tanqueros de Matanzas Base supertanqueros Matanzas enida Del Muelle Utilise facilities at Alameda Existing trucking from Alameda to Varadero Tank Battery (VTB) Conclude exclusive storage at VTB Pre-FEED study of pipeline routes to VTB Pre-FEED study of pipeline from Alameda to Port Matanzas Batch from VTB to Matanzas using existing pipeline Potential to install 72 Zona industrial Avenida Del M Matanzas Bay Matanzas tanks at Matanzas Matanzas Bay C20 Coogle Varadero Google Imagery 02023 Airbus, TerraMetrics, Imagery C2023 Airbus, CNES/Airbus, Maxar Technologies, Map data ©2023 Cuba Terms Privacy Send Product Feedback 200 mu Boca de Camarioca Santa Marta Bahia de Cardenas Carbonera 2023 Google Cantel Cardenas Varadero Tank Battery Nte. Via Blanca Google Imagery 2023 Airbus, CNES / Airbus, Maxar Technologies, Map data ©2023 Australia Terms Privacy Horacio Rodriquez EPEPO Pipeline of Jose Smith Comas Limonar Mendez Capote 141 Merceditas APF 101 Crude Oil Storage Existing Pipeline Existing Road Possible Export Route Coliseo San Miguel de los Banos Carlos Rojas Maxio Gomez Melbana Energy Circuito Nte. Viab Jays Google Cayo Ranas 2023 Goo Send product feedback 23 100 m L Cinco Leguas Bahía de Santa Clara 2023 Goo La Teja Alameda Oilfield Marti Hoyo Colorado Itabo Gran Vía 3D M bo Batey El Sordo Google Imagery ©2023 Landsat / Copernicus, Data SIO, NOAA, U.S. Navy, NGA, GEBCO, Imagery ©2023 TerraMetrics, Map data ©2023 Google Cuba Terms Privacy Send Product Feedback 5 km L I « 23#25Oil export options Existing Matanzas Supertanker Port Import and export facilities Deep water channel Situated at the mouth of the River Yumuri and River San Juan in Matanzas Bay, northern Cuba Port is formed by an inlet length of 8km and a width of 6km Deep water is located 120m from shore; Depth in the fairway is over 180m Approx 40 vessels visit the port annually Max size: LOA 295m, draught 17.0m, 150,000DWT Matanzas Port and Refinery facilities as seen from the bay Zona industrial Cupet Bay of Matanzas Oil Refinery - Matanzas Tanqueros de Matanzas Base supertanqueros Matanzas Avenida Del Muelle Avenida Del Muelle Avenida Del Muelle Avenida Del Muelle Google Avenida Del Muell Melbana Energy adar Google 2013 voale 2023 Cople 021 Google Matanzas Bay 3D # 24 24#26Questions? Melbana Energy Mezzanine Floor, 388 George Street Sydney NSW 2000 Australia Telephone +61 2 8323 6600 Email [email protected] Melbana Energy Limited ABN 43 066 447 952 DATALDE