The company has a 100% interest in the concession in the Bonaparte basin, close to the producing Blacktip field in 40 m (131 ft) of water.
Seismic inversion results have reinforced the interim reprocessing analysis and enhanced the company’s understanding of the Beehive reservoir and seal units.
MEO believes this could be a multi-billion barrel, dual-objective, oil prone structure.
The Carboniferous objective is a180-sq km (69-sq mi) isolated carbonate build up with 400 m (1,312 ft) of mapped vertical relief, analogous to the giant Tengiz field onshore Kazakhstan. This play type has not been drilled hitherto in the Bonaparte basin.
Managing director and CEO Peter Stickland said: “The Beehive prospect is one of the largest hydrocarbon structures in Australia. Results from the reprocessing and inversion of seismic data across the Beehive prospect have exceeded our expectations. This study has generated multiple data sets, with a dramatic improvement in data quality.
“All of the products are pointing in the same positive direction and strengthen our understanding of the likelihood of good reservoir and seal characteristics, which are key elements of the Beehive interpretation. MEO will now proceed to update its risk analysis and characterisation of the Beehive prospect and then seek a farm-in partner to fund further exploration of the prospect.”
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