The location of the permits, designated as WA-544-P and NT/P87
Location of newly awarded permit areas. (Credit: Melbana Energy Limited)
Melbana Energy is pleased to announce that it has been awarded two additional petroleum exploration permits offshore northern Australia on a 100% basis.
Application was made for these permit areas under the Australian Government’s 2019 Offshore Petroleum Exploration Acreage Release.
The location of the permits, designated as WA-544-P and NT/P87.
They have been awarded for an initial period of six years and are located adjacent to Melbana’s existing WA-488-P permit area that contains the giant Beehive Prospect.
Melbana Energy’s Executive Chairman, Andrew Purcell, said: “The award of these additional permits next to our Beehive Prospect allows us to build on the knowledge we have gained studying WA-488-P to pursue other leads across a wider area. This additional running room makes the Beehive Prospect an even more exciting opportunity, particularly since the minimum work requirements can leverage Melbana’s in-house expertise before having to decide whether to commit to the larger work commitments in years 4 and beyond.”
The Minimum Work Requirements for the first three years of each permit area are guaranteed, following which Melbana may elect to proceed to permit year 4.
Source: Company Press Release