3D Seismic Survey begins at Melbana’s Australian gas project

Published at Jul 24, 2018, in Energy

This product is classified as ‘very high risk’ in nature due to its location and geopolitical situation of the region. Finfeed advises that extra caution should be taken when deciding whether to engage in this product, however if you are not sure whether it is suitable for you we suggest you seek independent financial advice.

Melbana Energy Limited (ASX:MAY) has today announced that the acquisition of the Beehive 3D Seismic Survey has commenced.

The Beehive 3D Seismic Survey is being acquired by Polarcus — a marine geophysical company — using their vessel Polarcus Naila.

It will acquire approximately 600km2 of seismic data over the Beehive Prospect in the Joseph Bonaparte Gulf, 225km southwest of Darwin.

The survey is being operated by Australian energy company Santos (ASX:STO) pursuant to an Operations Services Agreement; and is fully funded by both Santos and French major Total (Euronext:FP, NYSE:TOT).

In the event that Total and/or Santos exercise options to drill, MAY will retain 20% ownership, and will be fully carried for the first exploration well drilled at Beehive.

The new 3D seismic survey over the Beehive project will provide MAY with the potential for further de-risking of the prospect, and will additionally facilitate consideration of a preferred location for the Beehive-1 exploration well.

Polarcus Naila, which is undertaking the 3D Seismic Survey at Beehive.

Seismic Survey details

The Beehive 3D Seismic Survey acquisition area is approximately 600km2 with a larger operational area around it to allow for vessel turns and testing of equipment.

The operational area is located in the Joseph Bonaparte Gulf, approximately 225km west-southwest from Darwin, 65km from the closest land at Cape Domett (in Western Australia), and 60km from Yelcher Beach in the Northern Territory. Water depths in the acquisition area range from approximately 30-50 metres.

The survey is a typical 3D survey using methods and procedures similar to others conducted in Australian waters.

Total and Santos have an option (exercisable 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 WA-488-P permit.

Read this recent Finfeed article to learn more about MAY’s involvement in the Beehive project, and its other ongoing projects.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!