Australia - Vulcan Sub-Basin Exploration
Ashmore and Cartier Islands AC/P70
Melbana has a 100% interest in petroleum exploration permit AC/P70, located in the Territory of Ashmore and Cartier Islands.
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 for 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 permit was awarded to Melbana in February 2022 for an initial six-year term, the first half of which will be spent interpreting reprocessed seismic data then seeking a partner to drill an exploration well in this very prospective area.
Offshore North West Australia, trailing interest in divested AC/P51 permit
The AC/P51 exploration permit (Permit) is located offshore North-West Australia in the Vulcan Sub-basin adjacent to a number of oil and gas discoveries.
Melbana sold its 55% interest in the Permit to joint venture partner Rouge Rock Pty Ltd on 22 August, 2018 (along with AC/P50 which has subsequently been surrendered). The terms of the divestment gave Melbana an interest in any future farmout or sale of the Permits.
In May 2021, it was announced that the subsidiaries of Australia’s Santos and Malaysia’s SapuraOMV (Purchasers) had acquired permit AC/P50. As a result of this transaction, Melbana received an upfront cash payment and retained its entitlement to a 10% share of any future royalty Rouge Rock would receive for production that may occur from this permit area during a defined period.
AC/P50 has since been surrendered and Melbana has no further interest in this Permit.
The Purchasers have also acquired the right to acquire the permit AC/P51. Should this right be exercised, Melbana would be entitled to receive similar cash consideration and contingent royalties.
Melbana is not responsible for any costs of the Permit from the date of divestment.