EOG receive greenlight to drill Beehive well

Source: www.gulfoilandgas.com 6/13/2024, Location: Not categorized

Melbana Energy Ltd would like to congratulate the EOG team in their work towards receiving environmental approval to drill the Beehive exploration well in WA-488-P, offshore Western Australia.

MAY sold WA-488-P in late 2021 for US$7.5 million plus future contingent cash payments of US$5 million and royalties of US$10 million per each 25 mmboe produced. Melbana has no funding commitments in this permit.

Beehive is aimed at testing a large Carbonate Platform opportunity that could contain up to 1.4 billion barrels of oil (Prospective Resource, high estimate).

Melbana retains 100% of the adjacent WA-544-P & NT/P87 exploration permits containing lookalike Carbonate Platform opportunities with similar resource potential as WA-488-P.

Melbana is seeking farminee(s) to fund a forward work programme (3D seismic survey and contingent drilling option) in the Permits.


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