Melbana gets exploration permit off north Australia
Sydney-listed Melbana Energy has been awarded an exploration permit off the coast of northern Australia, it said on February 16.
The exploration permit AC/P70, located in the Territory of Ashmore and Cartier Islands, has been awarded for an initial period of six years. Melbana made an application for this permit under the Australian Government’s 2020 Offshore Petroleum Exploration Acreage Release.
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AC/P70 contains the undeveloped Vesta-1 oil discovery drilled in 2005. The Vesta-2 appraisal well drilled in 2007 identified a gas cap.
“This complex field is an attractive opportunity to a junior explorer like Melbana with the technical capability and track record of identifying new play types and attracting large, well-funded, partners to test its exploration theses – often by overturning conventional thinking,” the company said.
The minimum work requirements for the first three years of each permit area are guaranteed, following which Melbana may elect to proceed to permit year four and so on thereafter on a year by year basis.