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 high quality 3D 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).
In December 2019, Santos 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 were not satisfied, resulting in Melbana will once again having a 100% unencumbered interest 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).