• Prospective Resource of 2,754 Bcf and 43 MMbbl (unrisked gross best estimate)
• Contingent Resource of 276 Bcf and 34 MMbbls (unrisked gross best estimate) associated with the undeveloped Vesta and Swan oil and gas fields
• Proximity to existing infrastructure and the Contingent Resource significantly reduce the minimum economic pool size for development

Melbana Energy Limited has announced the completion of maiden prospective and contingent resource estimates for its AC/P70 permit located in the Timor Sea offshore northwestern Australia. The permit contains multiple prospects and leads known to be prospective for gas and oil, and is close to existing infrastructure that provides a clear path to commercialisation. The maiden AC/P70 Contingent Resource (Development Unclarified) is within the Swan and Vesta gas and oil fields, with a 2C estimate of 276 Bcf of gas and 34 MMbbls of oil. The Swan gas field was discovered in 1973 and the Vesta oil field was discovered in 2005, but both remain undeveloped. The maiden Prospective Resource for AC/P70 has been identified in and estimated for a combination of deeper and adjacent structures to the Swan and Vesta fields, with a best estimate of 2,754 Bcf of gas and 43 MMbbls of oil. The permit also holds the potential for large, untested, Triassic and Permian structural closures. The proximity to existing infrastructure combined with the Contingent Resource significantly reduce the minimum economic pool size for development of any new discovery, and the heightened recognition of the importance of gas as a transition fuel lends additional significance to this opportunity. Melbana has engaged an advisor to assist with the identification of a suitably qualified partner to fund the forward work program, which includes an exploration well.

Melbana has engaged an advisor to assist with the identification of a suitably qualified partner to fund the forward work program, which includes an exploration well.