3D seismic review improves definition of Beehive structure offshore Australia
According to Melbana Energy, the near-vertical edge of the build-up, clearly evidenced on the seismic, is evidence of its isolated nature.
In addition, the data provides more detail of depositional patterns within the platform and the seaway that could not be resolved on the existing 2D data.
This has led to better overall structural definition, particularly to the northeast.
McDaniel & Associates has estimated prospective resource of up to 388 MMboe.
Total and Santos each have an option, exercisable in tandem or individually, to acquire an 80% interest in the permit and drill the Beehive-1 exploration well by Oct. 2, 2019.
Pending their decision, other parties have expressed interest in reviewing the Beehive opportunity, Melbana said.
Drilling could start in the second half of 2020, at a cost in the $40-$60 million range.