Energy company Santos and French multinational Total have agreed to fund a 3D seismic survey, thought to be worth around $45 million, over Melbana Energy's Beehive prospect off the north coast of Western Australia.

Under the farm-in agreement Santos and Total will fully fund the survey, earning the companies an option to acquire an 80 per cent stake in the WA-488-P permit, which is located in the Bonaparte basin.

If the option is exercised, the pair will fund all costs until completion of the first well in the WA-488-P permit.

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