Australia - Vulcan Sub-Basin Exploration
Offshore North West Australia, trailing interest in divested AC/P50 and AC/P51 permits
The AC/P50 and AC/P51 exploration permits are located offshore North-West Australia in the Vulcan Sub-basin adjacent to a number of oil and gas discoveries. The permit has an area of 583km2 .
Melbana sold its 55% interest in the permits to joint venture partner Rouge Rock Pty Ltd on 22 August, 2018. The terms of the divestment gave Melbana an interest in any future farmout or sale of the Permits.
In May 2021, it was announced that the subsidiaries of Australia’s Santos and Malaysia’s SapuraOMV (Purchasers) had acquired the permit AC/P50. As a result of this transaction, Melbana received an upfront cash payment and retained its entitlement to a 10% share of any future royalty Rouge Rock would receive for production that may occur from this permit area during a defined period.
The Purchasers have also acquired the right to acquire the permit AC/P51. Should this right be exercised, Melbana would be entitled to receive similar cash consideration and contingent royalties.
Melbana is not responsible for any costs of the permit from the date of divestment.