Contract Awarded for Santos and Total-funded Oz Beehive 3D Seismic Survey
Offshore geophysical company Polarcus has been awarded the contract to undertake the Santos and Total-funded 3D seismic survey over the giant Beehive prospect in Western Australia, Australia-listed junior Melbana Energy said June 8.
“We are pleased that Polarcus has been awarded the contract to acquire the Beehive 3D Seismic and look forward to completion of the survey and reviewing the new information the 3D Survey will provide,” Melbana’s CEO Robert Zammit said.
The survey on the prospect, which is said to be one of the largest undrilled hydrocarbon structures in the country, is expected to commence in July and be completed before the end of August, Melbana said.
The acquisition area is about 600 km2. It is located in the Joseph Bonaparte Gulf, about 225 km west-southwest from Darwin.
Total and Santos have an option, together or individually, to acquire a direct 80% participating interest in the permit in return for fully funding the costs of all activities until completion of the first well. In the event of a commercial discovery Melbana will repay carried funding from its share of cash flow from the Beehive field. It’ll have no re-payment obligations in the event there is no commercial discovery and development.
The survey will provide potential for further de-risking of the prospect and will facilitate consideration of a preferred location for the exploration well, Melbana said.