Total Beehive refusal vindicates Metgasco on Melbana takeover

METGASCO is claiming vindication in knocking back Melbana Energy’s takeover offer, after French supermajor Total declined to farm-in to Melbana’s large Beehive prospect, leaving it waiting on Santos to elect to fund next year’s well for an 80% interest.

Total Beehive refusal vindicates Metgasco on Melbana takeover Total Beehive refusal vindicates Metgasco on Melbana takeover Total Beehive refusal vindicates Metgasco on Melbana takeover Total Beehive refusal vindicates Metgasco on Melbana takeover Total Beehive refusal vindicates Metgasco on Melbana takeover

Metgasco vindicated by Total's KB of Beehive option

The undrilled prospect in the Bonaparte Basin, offshore Western Australia, was offered to Total and Santos at 40% each with a seismic commitment, which Melbana hoped would gain it a free carry, but