MEO Australia Optimistic About Beehive Prospect in WA's Bonaparte Basin

MEO Australia Limited (MEO) reported Thursday that positive results are being achieved from the seismic reprocessing and inversion study currently underway over the Beehive prospect in WA-488-P (MEO 100 percent) offshore Western Australia.

Beehive is a potentially giant, dual objective, oil prone prospect in the Bonaparte Basin located in 131 fet (40 meters) water depth next to the producing Blacktip field.

The Carboniferous age objective is a 69 square mile (180 square kilometer) isolated carbonate build up with 1,312 feet (400 meters) of mapped vertical relief, analogous to the giant Tengiz field in the Caspian Basin. This play type is undrilled in the Bonaparte Basin.

Beehive is defined by a tight grid of pre-existing 2D seismic data, which MEO has recently commenced reprocessing in order to de-risk the prospect.

The Beehive prospect has significant prospective resources as outlined in the following table:

Prospective Resources* - Recoverable

  • Carboniferous objective (million barrels of oil equivalent or MMBoe): COS - 16 percent; Low - 97; Best - 558; Mean - 940; High - 2,033
  • Ordovician objective (MMboe): COS - 8 percent; Low - 63; Best - 305; Mean - 534; High - 1,220

Results of the preliminary reprocessing undertaken by MEO show a sigificant improvement in seismic data quality. This result is leading to a stronger interpretation of key elements of the Beehive prospect, namely:

  • Clearer definition of the edge of the Carboniferous carbonate build up unit, which is the predicted reservoir at Beehive
  • The encasing units, which are predicted to seal the Beehive prospect, appear increasingly bland, which is more likely to be a shale sequence with good sealing properties

MEO Managing Director & CEO Peter Stickland commented:

“The Beehive prospect is one of the largest hydrocarbon structures in Australia. The results to date from the current reprocessing of seismic data across the Beehive prospect have exceeded our expectations. The improvement in data quality is significant and it appears to strengthen key elements of the Beehive interpretation. The reprocessing and inversion are on track to be completed by mid-2016, which will enable a full update of the characterisation of Beehive.

MEO will then seek a farmin partner to fund further exploration of the Beehive prospect.”

* Prospective Resources Cautionary Statement: The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Future exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

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