Tuesday 25 August 2020

Melbana, the Company) is pleased to report a modest increase in the Best Estimate Prospective Resource of the Beehive Prospect, located in WA-488-P (Melbana 100%) based on the results of a comprehensive assessment of the Beehive 3D seismic data acquired across the prospect.

The 3D seismic data set has strongly validated the presence of the Beehive prospect, with the resulting characterisation having a modest 7% increase of Best Estimate Prospective Resource compared to the assessment conducted in 2018 by independent reserves expert McDaniel & Associates based on the pre-existing 2D seismic data.

Prospective Resources Cautionary Statement: The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Future exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Prospective Resources Cautionary Statement: The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Future exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Melbana Chairman, Andrew Purcell, said:

“The 3D seismic data provides excellent definition of the Beehive prospect, which is now characterised as greater than 400 million barrels of prospective resource in the best case. This updated assessment, along with the 12-month extension to the permit tenure that Melbana successfully applied for earlier this year provides a solid foundation for securing a farmin partner to WA-488-P. Depending on the outcome of the current farmout process, Melbana expects the Beehive prospect to be drilled in late 2021.”