Melbana Energy has received fast-track processed data from the Beehive 3D seismic survey undertaken offshore Australia.
The survey was acquired by Polarcus using its vessel Polarcus Naila in August 2018. The Beehive survey consisted of the acquisition of approximately 700 km2 of seismic data over the Beehive Prospect and Egret lead in the Joseph Bonaparte Gulf, 225 km southwest of Darwin.
The 3D data has improved definition of the Beehive structure and reservoir unit.
The final dataset is due for delivery by early March, Melbana said.
Total and Santos have an option, exercisable together or individually, to acquire a direct 80% participating interest in the permit in return for continuing to fully fund 100% of the costs of all activities until completion of the Beehive-1 well.
The option is exercisable at any time, but no later than 6 months from the final processed seismic survey data being accepted by Santos, Total and Melbana.
If the option is exercised, drilling is anticipated in Q3 2020, with Melbana estimating the cost of the Beehive-1 exploration well to be within the USD 40-60 million range.
Melbana Energy’s CEO, Robert Zammit, said: “The data quality of the Beehive 3D seismic survey is much improved over the 1999 2D data and should help Total and Santos in their decision to exercise their option to drill the Beehive-1 well. Once the final quality control checks are completed, Total and Santos have six months to exercise their option.
“If Total and/or Santos exercises their option to drill, Melbana retains a 20% interest in WA-488-P and is fully carried until the completion of drilling of the first well in the permit. In December last year Melbana reached agreement with Total and Santos for them to accelerate drilling planning, fully funding initial activities including drafting of an environment plan, well concept identification and commencement of rig selection to ensure readiness for drilling in 3Q 2020 in the event the option is exercised.”