Australian independent oil and gas company, Melbana Energy has received approval from the National Offshore Petroleum Titles Administrator to suspend the deadline for completion of its WA-488-P permit year work obligations by 15 months to 21 December 2020.
NOPTA’s approval follows May’s recent completion of the Beehive 3D seismic survey, as well as the previously announced crediting of the survey against the future permit year four obligation.
France’s Total and Australia’s Santos have an option to acquire a direct 80% participating interest in the permit located offshore Western Australia in return for continuing to fully fund the costs of all activities until completion of the first well in the 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.
Beehive is located close to several existing facilities including the Inpex-led Ichthys LNG project and Blacktip field and pipeline offering several options for future gas monetization.
The Beehive prospect could potentially be the largest undrilled hydrocarbon prospect in Australia, according to Melbana.