Oil and gas exploration company Melbana Energy, formerly known as MEO Australia, has identified more potential for prospectivity on its Ashmore Cartier exploration permits AC/P50 and AC/P51 offshore Australia.
Melbana said on Friday that the preliminary assessment of the recent 3D seismic broadband reprocessing results identified the potential for additional prospectivity in the two licenses.
The newly discovered potential of the Malbana-operated permits resulted from improved data quality, including an amplitude-supported objective immediately above the existing Ramble On prospect.
According to the company, in the right conditions, an amplitude anomaly can be a direct indicator of hydrocarbons.
The 3D seismic broadband reprocessing was undertaken by incoming joint venture partner Rouge Rock at its own cost. The indicative value of the reprocessing work is approximately $1.15 million.
Rouge Rock will earn a 45 percent participating interest in the permits.
Melbana said it was evaluating the reprocessed data, looking to identify new prospects and leads. This would potentially lead to further farm-out of the Permits to fund future exploration drilling
Melbana Energy’s CEO and MD Peter Stickland said the seismic reprocessing study “significantly improved the seismic imaging in an area with historically poor data quality.”
“We are already seeing some additional prospectivity in this proven oil area that was not visible on the old data. Melbana’s technical team will now proceed to integrate the new reprocessed seismic with existing datasets in the area with a view to further defining this potential new play type.”