MELBOURNE, Australia – Melbana Energy has completed the sale of exploration permit WA-488-P offshore Western Australia to EOG Resources.
The deal involves an initial payment of $7.5 million plus conditional future payments that could include $10 million per 25 MMboe that may result from a future development on the permit.
WA-488-P contains the Beehive prospect, estimated by McDaniel & Associates to hold potential resources in the range of 388 MMboe to 1.6 Bboe.
Melbana retains a 100% interest in adjacent permit areas WA-544-P and NT-P87, which include the undeveloped oil discoveries Turtle and Barnett. The company is presently conducting geoscientific studies over the acreage.
