The joint venture between Triangle Energy (Global) Ltd, Strike Energy Ltd (ASX:STX) and Echelon Resources Ltd has had its environmental plan approved, clearing the way to drill its Becos-1 well in the North Perth Basin.
Once a drill rig is available, the JV can drill its 5-million-barrels-of-oil (MMbbl) target. Rig tenders are under evaluation and a number of possible alternatives are being considered. A decision is expected within the next few weeks.
Drilling of the Becos-1 well — a commitment well under the EP 437 permit title — will primarily target oil in the Bookara and Arranoo reservoirs.
These reservoirs encountered gas with good oil shows in the Wye-1 well, drilled in 1996.
Across the two reservoirs, a best estimate of 5 MMbbl recoverable has been calculated, with gross prospective resources ranging from 1 MMbbl (low estimate) to 21 MMbbl (high estimate). The prospect is considered to have a geological chance of success (GPOS) of 25%.
Triangle managing director Conrad Todd said: “We are looking forward to drilling the attractive Becos-1 in the North Perth Basin, the joint venture will update the market as soon as a rig contract has been concluded with further information on the well. Some preliminary discussions have been held and it is anticipated a decision will be made within the next few weeks.”
The Becos prospect sits across the EP 437 and the western part of L7:
Becos has been mapped on the Bookara 3D seismic survey area. The depth structure map over the EP 437 and L7 permits shows the faults and structures of the Bookara Shelf.
TEG notes the east-west trending Allanooka Fault at the southern edge of the map as being of particular interest.
The company determined that the oil in the Mt Horner oil field (at least 8 million barrels in-place) — in the centre of the L7 permit — and the gas tested with good oil shows in the Wye-1 well in EP 437, must have migrated from the deeper basin section to the south of the Allanooka fault.
The results of the Booth-1 well confirm that in the east of the L7 permit, the Allanooka fault did not let gas or oil across into the Booth prospect.
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