Triangle Energy (Global) Ltd has passed a major milestone today with drilling underway by the L7 Joint Venture (JV) at the Booth-1 well onshore in the North Perth Basin of Western Australia.
This well is in Booth Prospect in the east of Permit L7 and comprises multiple oil and gas targets. It has a total Prospective Resource range of 113–540 billion cubic feet of gas (Bcf) with a Best Estimate of 279 Bcf.
Booth-1 is the company’s first well to be drilled on its permits for 30 years and is the first well in the JV’s upcoming drilling campaign.
“A pivotal time”
Triangle managing director Conrad Todd said: “This is a pivotal time for Triangle. We have been exhaustive in assessing the Booth prospect and we are very excited to have drilling underway.
“This will be the first well drilled in our permits for 30 years. We have many independent targets identified using the new 3D seismic data on these permits that will provide an attractive portfolio to explore for many years.”
READ: Triangle Energy raises $4 million in strong show of support for Perth Basin strategy; Booth-1 well drilling imminent
The L7 JV comprises Triangle Energy with a 50% stake and project operator, Strike Energy Ltd with 25% and Echelon Resources, which is the new name for New Zealand Oil and Gas, with 25%.
About the well
Booth-1 will test multiple targets, with the primary focus on gas in the Kingia-High Cliff reservoirs but there is also potential for oil or gas in the overlying Dongara and Cattamarra Coal Measures sandstones.
The well has a prognosed total depth of 2,900 metres (measured depth) and is expected to take around three weeks to drill.
It will deviate 800 metres to the southeast from the surface location to intersect the three prospective reservoirs that are offset in depth and will have a true vertical depth of 2,670 metres.
TEG stated: "Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project it relates to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk to development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons."