Melbana Energy Limited provides the following update on its non-core offshore Australian Exploration Permits AC/P50 and AC/P51 (“Permits”) (Melbana 55%* and operator**).

Melbana has received notice from the National Offshore Petroleum Titles Administrator (NOPTA) of the approval of its application to amend its forward work program.

As a result of the changes, the work program has been amended to extend the current year 3 permit year by 12 months to allow for additional work above the current commitment to be completed and also to vary the year 4 commitment by deferring one exploration well to year 5 to allow sufficient time to interpret the extra data acquired as a result of the new year 3 commitment.

Melbana Energy’s CEO, Robert Zammit, said:
“The work program changes have enabled the Joint Venture to commit to additional technical work being undertaken to support potential future exploration drilling in each permit. While we consider these permits are prospective, they are no longer aligned with our strategic focus on our high impact Cuban and Australian acreage and as such, we are currently assessing divestment opportunities for the permits which limits our resources committed to the permits but provides for Melbana to retain exposure to a success case.”

*Subject to a 5% back-in option held by Far Cape Pte Ltd
**Participating interest held in 100% owned subsidiary Vulcan Exploration Pty Ltd