Polarcus Wraps Up Beehive Shoot
- Business & Finance
The Beehive 3D seismic survey offshore Australia has been completed safely and without incident, Melbana Energy said on Tuesday.
The survey was acquired by Polarcus using its vessel Polarcus Naila.
During the planning of the Beehive 3D Seismic Survey, a new lead was identified and the survey area was extended by approximately 100km2 (~16%) to provide coverage over the newly identified lead (Egret) that is partially within the boundary of WA-488-P.
The extension of the survey area is within the approved scope and operational envelope of the Beehive 3D seismic survey.
The survey, including the extension over the Egret lead, is fully funded by Santos and Total.
Melbana’s CEO, Robert Zammit, said: “I am pleased that the 3D survey over Beehive has been concluded safely and without incident and congratulate all involved in achieving this result. Beehive is a new play type in this basin and has recently been assessed by Independent Expert McDaniel & Associates (Canada) to contain prospective resources of up to 1.6 billion barrels of oil equivalent, which provides an exciting value creation opportunity for Melbana’s shareholders. We look forward to reviewing the data obtained in conjunction with Santos and Total in due course and to notification of their position regarding exercising their options to fully fund the first exploration well.”