Melbana updates Beehive 3D review progress
Melbana Energy expects to receive final processed products from the recent Beehive 3D seismic survey offshore northwest Australia by early February 2019.
CGG is managing the processing program for the survey, which covered the Beehive prospect in the WA-488-P permit.
Total and Santos have an option to collectively take an 80% interest in the permit in return for continuing to fully fund all activities until completion of the first well.
The option must be exercised no later than six months from the receipt of final processed seismic survey data.
If they do commit, Melbana expects drilling of the Beehive-1 well to start no later than 2020 at a cost of around $40-$60 million.