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Melbana announces completion of Beehive 3D seismic survey

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LNG Industry,

Melbana Energy has announced that the 3D seismic survey of its Beehive prospect has been safely completed.

The Beehive prospect is potentially Australia’s largest undrilled hydrocarbon prospect. It is located nearby a number of existing facilities, including the Ichthys project and the Blacktip field and pipeline, offering a number of options for gas monetisation in the future.

The survey was operated by Santos, and is fully funded by Santos together with Total. According to the statement, the survey was extended by a further ~15% in order to cover a newly identified lead called Egret at no extra cost to Melbana. The company claims that this new lead is partially within the boundary of WA-488-P, and the extension falls within the approved scope and operational envelope of the survey.

The company also claims that the survey provides potential for further de-risking of the prospect and facilitates consideration of a preferred location for the Beehive-1 exploration well.

The survey acquisition area covered approximately 600 km2, with a larger operational area around it to allow for both vessel turns and testing of equipment. The operational area is located in the Joseph Bonaparte Gulf, which is located approximately 225 km west-southwest of Darwin, 65 km from the nearest land at Cape Domett in Western Australia, and 60 km from Yelcher Beach in the Northern Territory.

In the statement, Melbana claims that both Total and Santos have an option (which can be exercised either together or individually) within six months of receipt of processed data to acquire a direct 80% participating interest in the permit, in return for fully funding the costs of all activities until completion of the first well in the WA-488-P permit.

CEO Robert Zammit said: “I am pleased that the 3D survey over Beehive has been concluded safely and without incident and congratulate all involved in achieving this result. Beehive is a new play type in this basin and has recently been assessed by Independent Expert McDaniel & Associates (Canada) to contain prospective resources of up to 1.6 billion barrels of oil equivalent, which provides an exciting value creation opportunity for Melbana’s shareholders. We look forward to reviewing the data obtained in conjunction with Santos and Total in due course and to notification of their position regarding exercising their options to fully fund the first exploration well.”

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