Highlights:

• Best Estimate Prospective Resource increased to more than 400 million barrels
• Beehive prospect interpretation strongly validated by results of 3D seismic survey andconsistent with prior interpretation
• Farmout process underway for potential drilling in late 2021

Melbana Energy has reported a modest increase in the Best Estimate Prospective Resource of the Beehive Prospect, located in WA-488-P (Melbana 100%) based on the results of a comprehensive assessment of the Beehive 3D seismic data acquired across the prospect.

The 3D seismic data set has strongly validated the presence of the Beehive prospect, with the resulting characterisation having a modest 7% increase of Best Estimate Prospective Resource compared to the assessment conducted in 2018 by independent reserves expert McDaniel & Associates based on the pre-existing 2D seismic data.

Melbana Chairman, Andrew Purcell, said:
"The 3D seismic data provides excellent definition of the Beehive prospect, which is now characterised as greater than 400 million barrels of prospective resource in the best case.

This updated assessment, along with the 12-month extension to the permit tenure that Melbana successfully applied for earlier this year provides a solid foundation for securing a farmin partner to WA-488-P.

Depending on the outcome of the current farmout process, Melbana expects the Beehive prospect to be drilled in late 2021."

KeyFacts Energy: Melbana Energy Australia country profile