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 fully funded a 3D seismic survey over the Beehive prospect (completed August 2018).
Santos have conditionally exercised their option to fund 100% of the first exploration well in WA-488-P in return for receiving an 80% participating interest in the permit. The conditions that must be satisfied to transfer an 80% interest in WA-488-P are that Santos must conclude the farmdown of part of their right to this interest by 4 March 2020 and, thereafter, the parties securing an extension to the current permit year to align with rig availability. Should these conditions be satisfied, Melbana will have a fully carried 20% participating interest until completion of the first exploration well 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) has estimated Beehive to have a prospective resource of 388 million barrels of oil equivalent (best estimate).