EXPLORATION

Total, Santos eye Beehive

MELBANA Energy (100%) has pounced on the thriving M&A scene, with supermajor Total and Santos agreeing to fund 3D seismic in return for an 80% participating interest in the massive Beehive target in the Bonaparte Basin offshore Western Australia, which has excited investors enough for a 14% share price rise this morning. 

Beehive is potentially Australia’s largest undrilled hydrocarbon prospect.

Beehive is potentially Australia’s largest undrilled hydrocarbon prospect.

If they take up their option, Santos and/or Total will fund all the costs until the first well is completed at Beehive, in WA-488-P next to Eni's Blacktip gas field which has supplied the Northern Territory...

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