Beehive – giant oil prospect in 40m water depth
WA-488-P (Melbana Energy - 100%) is located in the Petrel Sub-basin in the Joseph Bonaparte Gulf between the producing Blacktip gas field and the undeveloped Turtle and Barnett oil discoveries and has an area of 4,074 km2.
Melbana has identified the potentially giant Beehive prospect, located in ~40m water depth and defined by a tight grid of high quality 2D seismic data, as one of the largest hydrocarbon prospects in Australia. The Beehive prospect is a 180km2 isolated carbonate build up of Carboniferous age with 400m of mapper vertical relief and a crest at 4,100m. Beehive is analagous to the giant Tengiz field in the Caspian basin which is also a Carboniferous isolated carbonate build-up.
French major Total and Australia's Santos have agreed to fully fund a 3D seismic survey over the Beehive prospect, in return for a further option to acquire an 80% participating interest in the permit by fully funding the Beehive-1 exploration well. If Total and/or Santos exercises its option, Melbana would retain a 20% participating interest and be fully carried for the first well (Beehive-1) drilled in WA-488-P.
Planning for a 3D seismic survey has commenced, with acquisition expected to commence mid-2018.
Beehive is located close to several existing facilities, including Icthys project and Blacktip field and pipeline offering several options for future monetisation.