Triangle Energy (Global) Ltd is preparing to spud the Becos-1 well on its core L7 and EP 437 permits in the Perth Basin in the fourth quarter of this year, as well as a third well in 2025.
The company is targeting a potential prospective resource (best estimate) of 5 million barrels of oil at Becos, which it holds a 50% interest and operating rights over.
Multiple Perth Basin targets
Apart from Becos, TEG also completed depth drilling for the Booth-1 well, encountering the expected targets with excellent reservoir quality although the company says migration pathways may be limited due to fault seals.
Read more: Triangle Energy in drilling milestone with Booth-1 well spudded
Interpreting the results from the well led Triangle to believe the hydrocarbons there have migrated from a rock source on the other side of the Allanooka (southern) fault, which is likely sealing the easter end of the permit.
The company believes the presence of both oil and gas in the central and eastern areas of the L7 permit point to a migration from the south across the fault.
TEG intends to drill either the MH2-Updip, Huntswell Deep or Mountain Bridge South targets for its third well, once Becos-1 is complete.
MH-2 Updip holds a low-risk oil target of 2 million barrels of oil, and a prospective resource of 140 billion cubic feet of gas, while Huntsewell Deep holds a prospective resource of 60 billion cubic feet of gas.
Operational developments
Triangle Energy is poised to sell its Cliff Head oil field and facilities to Pilot Energy (ASX:PGY) Ltd, exiting the operation in October in return for $16 million in staged payments.
The sale will free up the company’s resources other development opportunities, including several new permits awarded in the UK this year:
- West of Shetland P 2628 Cragganmore Gas field. Contingent Resources 527 billion cubic feet 50% net Triangle
- Central North Sea P 2650. Prospective Resources 269 billion cubic feet 50% net Triangle
As well as opportunities in the Phillipines and Australia, namely the onshore Luzon operation, which is in the award phase, and the Cooper-Eromanga basin, which TEG is still assessing alongside other Perth Basin options.
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