Australia - Joseph Bonaparte Gulf
Beehive Prospect
WA-488-P contains the giant Beehive prospect with its Prospective Resource of up to 1.4 billion barrels of oil5 . The giant Beehive prospect, in a shallow water (about 40 metres) offshore location, is one of the largest undrilled hydrocarbon prospects in Australia.
Located near ENI’s Blacktip gas field and covered by a high-quality 3D seismic survey acquired in 2018, Beehive is a 180km2 isolated carbonate build up of Carboniferous age with 400 metres of mapped vertical relief and a crest at 4,100 metres.
EOG have received an environmental approval to drill the Beehive exploration well in WA-488-P, offshore Western Australia.
MAY sold WA-488-P in late 2021 for US$7.5 million plus future contingent cash payments of US$5 million and royalties of US$10 million per each 25 mmboe produced.
Beehive is aimed at testing a large Carbonate Platform opportunity that could contain up to 1.4 billion barrels of oil (Prospective Resource, high estimate).
Melbana has no funding commitments in this permit.
If Beehive is successful, it would de-risk similar Carbonate Platform opportunities hosted in Melbana’s adjacent exploration permits:
WA-544-P and NT/P87.
