EOG plans to drill an exploration well targeting the Beehive Prospect in 2022 to 2023.
The company aims to explore a known hydrocarbon prospect in the Bonaparte Basin and drill the Beehive-1 exploration well.
Melbana assessed the prospect and discovered it contains approximately 416 million barrels of oil.
For every 25 million barrels of oil equivalent (boe) Melbana is entitled to payments of $US10 million ($13.85 million).
Independent reserves expert McDaniel & Associates estimated the prospect contained between 388 million boe to 1.6 billion boe.
Melbana also holds a 100 per cent interest in the neighbouring permit areas WA-544-P and NT-P87, where the undeveloped oil discoveries Turtle and Barnett are located.
The permit is in Western Australia’s Joseph Bonaparte Gulf, 163 km from WA and 73 km from the Northern Territory.
Water depths in the area of the project span from 40 m to 50 m.
EOG is one of the largest independent crude oil and natural gas exploration and production companies in the US.
Since 1992, the company has operated offshore, and have nearly 30 years of history in Trinidad, Tobago, the UK North Sea and the US Gulf of Mexico.
In May 2021, EOG executives said exploration drilling was seen to push per-well returns even higher than its current 60 per cent.
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