Australia - Bonaparte Gulf - Petrel Sub-Basin Exploration

Beehive –  giant oil prospect in 40m water depth

Melbana has a 100% interest in three contiguous permits covering an area of almost 8,000km2 in the Petrel sub-basin – a shallow water area of the Timor Sea south west of Darwin off the northern coast of Australia.

WA-488-P contains the giant Beehive prospect with its Prospective Resource of up to 1.6 billion barrels of oil, as estimated by independent expert McDaniel & Associates.  Beehive is located near to ENI’s producing Blacktip gas field and is covered by a high-quality 3D seismic survey acquired in 2018.

WA-544-P and NT/P87, permits adjacent to WA-488-P, were awarded to Melbana in November 2020 and contain the undeveloped Turtle and Barnett oil discoveries.  The initial three year term will look to leverage learnings from the Beehive project by reprocessing available 2D and 3D seismic data to determine whether the above discoveries can be upgraded and if the potential for deeper carbonate plays exist.

The giant Beehive prospect, located in ~40m water depth and one of the largest undrilled hydrocarbon prospects in Australia, is a 180km2 isolated carbonate build up of Carboniferous age with 400m of mapped vertical relief and a crest at 4,100m. Beehive is analogous to the giant Tengiz field in the Caspian basin which is also a Carboniferous isolated carbonate build-up.

Beehive is located close to several existing facilities, including Ichthys project and Blacktip field and pipeline offering several options for future monetisation. 

Independent Expert McDaniel & Associates Consultants Competent Persons Report (30 June 2018) has estimated Beehive to have a prospective resource of 388 million barrels of oil equivalent (best estimate).  Melbana increased the best estimate prospective resource to 416 million barrels in 2020 following completion of a revised volumetric analysis using the 3D data.

 

WA-488-P