Santos strengthens Northern Australia position with Beehive 3D seismic survey

12/12/2017

PERTH -- Santos today entered an agreement to partially fund and operate a 3D seismic survey over the exciting, undrilled Beehive prospect, earning the company a farm-in option for WA-488-P in the Bonaparte basin, offshore Western Australia.

The option will be acquired from Melbourne-based Melbana Energy.

WA-488-P is located adjacent to Blacktip production infrastructure and within reach of Ichthys infrastructure, providing good potential pathways for early commercialization of any discovery.

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

Santos Executive V.P. of Exploration & Appraisal Bill Ovenden said the transaction puts the company in a good position to boost its strategic acreage position in offshore Northern Australia.

“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,” he said.

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