The Company is calling the prospect Hudson and has produced a maiden resource estimate for it using the probabilistic method. Isolated carbonate build ups host some of the world's largest oil reservoirs, but it is an untested play type in
The first exploration well to do so, designated Beehive-1, will drill the Beehive prospect in the adjacent licence area WA-488-P as early as 2024. Melbana identified the Beehive prospect and subsequently sold WA-488-P to a US oil major in 2021. That company is making a country entry to drill the Beehive prospect. Melbana has no exposure to the cost of that exploration well but has contingent cash and royalty interests, respectively subject to future elections made by the purchaser and production following a successful exploration well
Prospective Resources Cautionary Statement - The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) related to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Future exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
The licence areas, containing the undeveloped Turtle and Barnett oil discoveries, were granted to Melbana in 2020 under the Australian Government's 2019 Offshore Petroleum Exploration Acreage Release. They are in shallow water (20 to 40 metres deep) and located about 300 kilometres southwest of Darwin in
The Blacktip gas field lies to the northwest and its pipeline transects the northern boundary of NT/P87, allowing potential access to the
Analogous formations in other parts of the globe are host to some of the largest oil provinces in the world, including the Tengiz oil field in
Melbana intends to farmout some of its 100% interest in the licence areas to fund the acquisition of a 3D seismic survey to further derisk the prospect. A copy of the technical presentation Melbana will use during the farmout process is available on the Company's website
Contact:
Tel: 2 83 23 66 00
Competent Person Statement
The information contained in this announcement relates to Contingent Resources and Prospective Resources for
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