NOPTA allows more time for Beehive well studies

Melbana Energy has received notice of approval from Australia’s National Offshore Petroleum Titles Administrator to extend current work obligations for the WA-488-P permit until Dec. 21, 2020.

Offshore staff

MELBOURNE, Australia – Melbana Energy has received notice of approval from Australia’s National Offshore Petroleum Titles Administrator (NOPTA) to extend current work obligations for the WA-488-P permit until Dec. 21, 2020.

This follows Polarcus’ recent completion of theBeehive 3D seismic survey in the Bonaparte basin offshore northwest Australia and the previously announced crediting of the survey against the future fourth-year work program obligation.

Total and Santos have an option to acquire an 80% interest in the permit in return for continued funding of activities until completion of the first well in the permit.

This must be exercised no later than six months from the receipt of processed seismic survey data.

Melbana Energy CEO Robert Zammit said the extensions would provide program flexibility, adding that: “If Total and/or Santos exercises their option to drill, Melbana retains a 20% interest in WA-488-P and is fully carried until the completion of drilling of the first well in the permit.”

09/04/2018

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