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Northbridge Industrial Services Plc

Santos in talks to farm out Beehive stake ahead of farm-in

Australian oil and gas company Santos is in talks with potential partners to farm-out a share in the permit offshore Australia containing the Beehive prospect. The offshore permit is currently fully owned by Melbana.

Santos has an agreement with Melbana to acquire an 80 percent interest in the permit, in return for paying for the full cost of the Beehive-1 well drilling.

Melbana on Monday said Santos had “validly and conditionally” exercised its option to acquire the 80 pct stake. The deal is conditional on Santos finding a partner to take a share of Santos’ 80 pct. The Beehive prospect is estimated to have 388 million barrels of oil equivalent of prospective resources.

Northbridge Industrial Services plc (LON:NBI) hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the UK, US, Dubai, Belgium, Germany, France, Australia, Singapore, New Zealand, Brazil and Korea, Northbridge has a global customer base.

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