MEO takes more time for Beehive prospect

MEO Australia Limited, an independent oil and gas company, has been given an approval to change its work program and defer an exploration well for the Beehive prospect, offshore Australia. 

According to this new plan, MEO will drill the exploration well on the Beehive in 2017 although it was previously planned for 2015.

The company has been notified by the National Offshore Petroleum Titles Administrator (NOPTA) of the approval of its application to vary the WA-488P (MEO 100%) work program by suspending and extending Permit Year 2 by 12 months to November 21, 2016. The potential drilling of the Beehive-1 exploration well has also been deferred 12 months until 2017.

MEO says that this additional time will provide it with an opportunity to undertake 150km of 2D broadband reprocessing and seismic inversion over the Beehive prospect.

MEO CEO Peter Stickland commented: “The Beehive prospect is one of the largest hydrocarbon structures in Australia and this work program variation is an important step for MEO to further enhance the characterisation of the feature. MEO will seek to farm down up to 80% of its interest in WA-488-P prior to potential drilling of Beehive, which is now anticipated in 2017.”

WA-488-P is located in the Petrel Sub-basin between the producing Blacktip gas field and the undeveloped Turtle and Barnett oil discoveries. WA-488-P has an area of 2 4,074 km and was awarded to MEO in 2013 for an initial 6 year term.

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