Triangle Energy (Global) Ltd is set to drill its first well in the highly prospective Perth Basin after signing a rig contract.
The joint venture of Triangle Energy, with Strike Energy and New Zealand Oil and Gas Ltd, has contracted the Ventia 106 rig to drill the Booth-1 well in the North Perth Basin, with drilling scheduled for late June-July.
Booth-1, in the east of permit L7, is planned to be the first well in the JV's upcoming drilling campaign, targeting gas at the Kingia-High Cliff reservoirs with potential for oil or gas in the overlying Dongara and Jurassic sandstones.
Booth Prospect has potential for oil and gas, with a Prospective Resource range of 113 billion cubic feet of gas (Bcf) to 540 Bcf with a Best Estimate of 279 Bcf (gross 100%, on-block).
The previously identified Becos oil prospect in EP 437 is intended to be the second well in the program, targeting the Bookara sandstone.
Triangle expects to drill Becos in the September quarter of 2024, subject to EP approval and final JV approval. Becos has a Prospective Resource range of 1 million barrels (MMbbl) to 21MMbbl with a mid-case of 5MMbbl oil (gross 100%).
The first two wells are expected to be drilled utilising separate rigs. The Booth prospect, with a total depth of 2,900 metres, requires a medium to large rig such as the Ventia 106. The Becos prospect, with a prognosed depth of just over 1,000 metres, is more suited to a smaller, more mobile rig.
Analysis highlights "immense potential"
Triangle managing director Conrad Todd said: “Booth will be the first well drilled in our two permits in the Perth Basin for 30 years.
"During this time, 3D seismic has been developed, which has played a pivotal role in some of the major discoveries in the Perth Basin in recent years.
"Triangle and our JV partners have utilised our new 3D seismic to locate and plan these wells and are excited to drill the first of many prospects within these permits.
“This latest 3D data interpretation and geological analysis has led to numerous new oil and gas prospects being identified, further highlighting the immense potential in what is the most underexplored acreage in the lucrative Perth Basin.”
Multiple potential targets
Several other attractive gas prospects in the L7 permit are also potential targets for the third well. Notable is Huntswell Deep — a previously unmapped structure identified on the 3D seismic, as well as MH-2 Updip and Mountain Bridge South, in the southern portion of L7.
In addition to the previously identified gas prospects, the new oil prospects add to a broad portfolio of exploration potential within the Triangle permits.
Recent and ongoing evaluation of the seismic data has also identified a large basement high underlying the MH-2 Updip prospect, which is expected to be overlain by a sandstone reservoir. This is an untested play underlying potential Jurassic to Permian oil-prone sandstone reservoirs in this area near Mount Horner Oil Field.
Triangle has farmed out a 50% interest in L7 and EP 437, which also hosts the Becos prospect, to Strike Energy and New Zealand Oil and Gas (25% each). Triangle’s share of the cost of the Booth-1 well is estimated to be less than $1.5 million.