MEO Australia still looking for Beehive partner

Australia

MELBOURNE, September 12, 2016 – The recent conclusion of a seismic reprocessing and inversion project has reinvigorated interest from major players in the Beehive prospect, MEO Australia indicated in a press release today.

The Australian player said four “substantial” players are actively engaged in the farm-out process and and are currently reviewing technical data for the large prospect. MEO Australia currently owns 100% of the WA-488-P offshore licence, located off the northern coast of Western Australia, which contains the Beehive prospect.

MEO said it expects responses from current negotiation participants by the end of October 2016, subject to market conditions and the potential addition of new parties to the process. The company hopes to secure financing partners to further the technical assessment and drilling of the prospect.

Beehive is potentially a multi-million-barrels-of-oil prospect found in the Bonapart Basin’s shallow waters at depths of 40 m, next to the currently producing Blacktip field. According to MEO, prospective recoverable resources from the prospect range between a low estimate of 97 million boe and a high estimate of 2 billion boe, with a best estimate of 558 million boe.