Melbana grants more time for Beehive well decision
Oct. 3, 2019
Melbana Energy has agreed to a request by Total and Santos to extend a deadline concerning future terms for the WA-488-P permit offshore northwest Australia.
(Courtesy Melbana Energy)
The Beehive prospect is in the WA-488-P permit offshore northwest Australia.
By Nov. 4, both companies must notify Melbana if they wish to acquire a 40% interest in the permit, in return jointly funding the Beehive-1 exploration well.
The two companies have completed their technical assessment of the Beehive prospect but are seeking more time to complete their commercial analysis and secure internal approvals.
Melbana said the delay should not impact timing of the well which it expects to spud before the end of next year.
McDaniel & Associates estimate the prospective resource at 388 MMboe.
