Melbana Energy Limited has received notice from the National Offshore Petroleum Titles Administrator (NOPTA) of the approval of its application to suspend the deadline for completion of the current WA-488-P permit year work obligations by 15 months to 21 December 2020.

The notification from NOPTA follows the recent completion of the Beehive 3D Seismic Survey and the previously announced crediting of the survey against the future permit year 4 work program obligation.

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 the costs of all activities until completion of the first well in the WA-488-P permit. The option is exercisable by either Total or Santos at any time but no later than 6 months from the receipt of processed seismic survey data.

Potentially the largest undrilled hydrocarbon prospect in Australia, the Beehive prospect was recently assessed by Independent Expert McDaniel & Associates as having significant prospective resources as outlined in the following table:

Melbana Energy’s CEO, Robert Zammit, said:
“The suspension of the deadline for completing the current permit year’s work obligations combined with the previously secured crediting of the Beehive 3D seismic survey against the future Year 4 work commitment provides work program flexibility as we prepare to analyse the acquired Beehive 3D seismic data and anticipate the potential exercise by Total and/or Santos of their option to drill the Beehive-1 exploration well. 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.”