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Melbana Energy Gets WA-488-P Licence Extension

Source: www.gulfoilandgas.com 12/1/2016, Location: Not categorized

Melbana Energy, formerly known as MEO Australia, has been notified by the National Offshore Petroleum Titles Administrator ('NOPTA') of the approval of its application to vary the WA-488-P (Melbana 100%) work program by extending Permit Year 2 by 16 months to 21 March 2018. The timeframe within which to drill the Beehive-1 exploration well has also been deferred commensurately.

The recently completed 2D seismic reprocessing and inversion has provided Melbana with an enhanced technical understanding of the Beehive Prospect and the 16 month extension will provide an opportunity for Melbana to undertake a further 330km of 2D seismic broadband reprocessing and additional studies, including a stratigraphic interpretation study and an analogue field study.

'The Beehive prospect is one of the largest undrilled hydrocarbon structures in Australia. Melbana’s strategy is to farm down a portion of its interest in WA-488-P prior to the drilling of Beehive, which is now anticipated in 2019. To that end Melbana currently has a farm-out process underway which it expects to have progressed by the end of this year. This work program variation and extension provides us with additional flexibility to further enhance the characterisation of the feature to facilitate ongoing farm-out activities.'

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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