Australia - Bonaparte Gulf - Petrel Sub-Basin Exploration

Beehive –  giant oil prospect in 40m water depth

WA-488-P (Melbana Energy - 100%) is located in the  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 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 undrilled 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 fully funded a 3D seismic survey over the Beehive prospect (completed August 2018), in return for a further option to fully fund 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 drilled in WA-488-P. 

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

Independent Expert McDaniel & Associates Consultants Competent Persons Report (30 June 2018) recently estimated Beehive Oil in Place as ~1.4 billion barrels (best estimate) with recoverable prospective resource of 388 million barrels of oil equivalent (best estimate).