Santos Exercises Option to Acquire Interest in Beehive Prospect in Australia

Updated 1 year 7 months ago

Melbana Energy has been notified by Santos that it exercises its option to acquire a 40% interest in the Beehive permit. Melbana has also received notification from Total that it has decided not to exercise its option to also acquire a 40% interest in the permit. Total's option therefore expires with immediate effect. As a consequence of Total's decision, Santos’ option is now modified such that it may now acquire an 80% interest in the permit in return for funding 100% of the costs for an exploration well in the permit area. Santos has until Dec 4 to exercise the modified option. If Santos does not exercise this modified option, Santos will not acquired any interest in the permit.