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Australia : Beehive 3D seismic survey bolsters Santos Northern Australia position.

Santos has signed a deal to partially fund and run a 3D seismic survey over the exciting, undrilled Beehive prospect, earning the firm a farm-in option for WA-488-P in the Bonaparte basin, off the coast of Western Australia. The option will be acquired from Melbournes Melbana Energy.

WA-488-P is sited nearby Blacktip production infrastructure and within reach of Ichthys infrastructure, offering good potential pathways for early commercialization of any discovery.

Funding and conducting the 3D seismic survey over Beehive will provide Santos with the right to earn up to an 80% stake in WA-488-P through the subsequent funding and completion of an exploration well.

Santos Executive V.P. of Exploration & Appraisal Bill Ovenden said with the deal, the company is in a good position to expand its strategic acreage position in offshore Northern Australia.

He added, The Beehive prospect is a large undrilled structure with great hydrocarbon-bearing potential and, being immediately adjacent to the Blacktip facilities and within reach of Ichthys infrastructure, a commercial discovery could be quickly delivered to market.

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Publication:Mena Report
Geographic Code:8AUST
Date:Dec 14, 2017
Words:184
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