Melbana Energy Gets Extension on Beehive Prospect

Melbana Energy Gets Extension on Beehive Prospect
The company will use the extra time to pursue drilling partners.

Melbana Energy Ltd.’s application for a 12-month suspension of the work tied to its permit for Petroleum Exploration Permit WA-488-P in Australia has been approved by the National Offshore Petroleum Titles Administrator, according to a statement from the company.

Permit Year 3 now ends on December 21, 2021 and the permit term will end on December 21, 2023. WA-488-P contains the giant Beehive prospect, which has been independently assessed to have a prospective resource of 388 million barrels of oil equivalent. A 3D seismic survey has been completed over the prospect and considerable progress has been made on planning and permitting for an exploration well, Melbana said in a statement.

“We will use this extra time to continue to evaluate the 3D seismic results and further progress discussions with potential farminees for the drilling of an exploration well into this structure,” Melbana Energy’s Executive Chairman, Andrew Purcell, said in a statement.

“These types of carbonate buildups are responsible for some of the world’s largest discoveries. When they work, they tend to work big, as can be seen in the estimates of prospective resource being significantly skewed to the upside, so we will continue to work towards the drilling of this important prospect.”

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