Next Investors logo grey

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


Published 24-JUL-2018 10:31 A.M.


2 minute read

Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.

In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.

The below articles were written under our previous business model. We have kept these articles online here for your reference.

Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.

Click Here to View Latest Articles

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.

General Information Only

S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (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 and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

Conflicts of Interest Notice

S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.

Publication Notice and Disclaimer

The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.

Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.

This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.