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Award of New Exploration Permits Next to Beehive Prospect

Source: www.gulfoilandgas.com 11/26/2020, Location: Not categorized

Melbana Energy Limited has been awarded two additional petroleum exploration permits offshore northern Australia on a 100% basis. Application was made for these permit areas under the Australian Government’s 2019 Offshore Petroleum Exploration Acreage Release.

They have been awarded for an initial period of six years and are located adjacent to Melbana’s existing WA-488-P permit area that contains the giant Beehive Prospect.

Melbana Energy’s Executive Chairman, Andrew Purcell, said:
“The award of these additional permits next to our Beehive Prospect allows us to build on the knowledge we have gained studying WA-488-P to pursue other leads across a wider area. This additional running room makes the Beehive Prospect an even more exciting opportunity, particularly since the minimum work requirements can leverage Melbana’s in-house expertise before having to decide whether to commit to the larger work commitments in years 4 and beyond.”

The work programs for each of these permit areas are as per Table 1 and Table 2 below. The Minimum Work Requirements for the first three years of each permit area are guaranteed, following which Melbana may elect to proceed to permit year 4.

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