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Santos withdraws interest in Beehive prospect

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Oilfield Technology,

Melbana Energy Ltd. has been advised by Santos that it has not concluded a farm-out of an interest in the Beehive prospect offshore Western Australia by 4 March 2020 – the deadline by which it was required to do so.

Santos’ option to acquire an 80% interest in the permit, in return for agreeing to fund the drilling of one exploration well in the permit, has therefore expired. Santos therefore no longer has any right to acquire an interest in the permit.

As a result, Melbana now has a 100% unencumbered 100% interest in the permit. It is in discussions with potential partners to join it in drilling an exploration well in the Beehive prospect - a process that is greatly assisted by the high quality 3D seismic survey undertaken in 2018 by Total and Santos and the significant preparatory work that has been completed to date. Should Melbana be successful in attracting new partners to assist it with the drilling of an exploration well in the Beehive prospect, it intends to seek an extension to its obligation to drill an exploration well by December of this year to align with expected rig availability in 2021.

Melbana has also commenced work on reassessing its volumetric assessment of the prospective resource in the Beehive prospect and its interpretation of other possible plays in the Permit area using the newly acquired 3D seismic survey.

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