• Beehive 3D Seismic Survey has been completed safely and without incident
• Beehive 3D Seismic Survey was extended by ~15% to cover an additional lead (Egret) at no cost to Melbana
• Option to drill exercisable by Total and/or Santos within 6 months of receipt of processed seismic data
• If Total and/or Santos exercises options to drill, Melbana retains 20% and is fully carried for the first exploration well drilled in WA-488-P
• Giant Beehive Prospect is one of the largest undrilled hydrocarbon structures in Australia

Melbana Energy Limited advises that acquisition of the Beehive 3D Seismic Survey has been completed safely and without incident.

During the planning of the Beehive 3D Seismic Survey, a new lead was identified and the survey area was extended by ~100km² (~16%) to provide coverage over the newly identified lead (Egret) that is partially within the boundary of WA-488-P. The extension of the survey area is within the approved scope and operational envelope of the Beehive 3D Seismic Survey.

The Beehive 3D Seismic Survey, including the extension over the Egret lead, is fully funded by Santos and Total.

Melbana’s CEO Robert Zammit commented:
“I am pleased that the 3D survey over Beehive has been concluded safely and without incident and congratulate all involved in achieving this result. Beehive is a new play type in this basin and has recently been assessed by Independent Expert McDaniel & Associates (Canada) to contain prospective resources of up to 1.6 billion barrels of oil equivalent, which provides an exciting value creation opportunity for Melbana’s shareholders. We look forward to reviewing the data obtained in conjunction with Santos and Total in due course and to notification of their position regarding exercising their options to fully fund the first exploration well.”