Triangle Energy (Global) Ltd welcomes the progress of preparations by the L7 Joint Venture to drill the Booth-1 well in the North Perth Basin of Western Australia with the drilling expected to begin early next month.
This work by the L7 JV, which comprises Triangle Energy, Strike Energy Ltd (ASX:STX) and New Zealand Oil and Gas Ltd, is nearing completion and all regulatory approvals have been received.
The company expects the Ventia 106 rig to be released by the current drilling operator in early July and will take about 10 days to mobilise to the Booth-1 location with the spud of the well expected to occur mid to late July.
Milestone for company
Triangle managing director Conrad Todd said: “We are excited to approach the spud of the Booth-1 well in the Perth Basin. This will be the first well drilled in our permits for 30 years.
“Triangle acquired the first 3D seismic over the L7 and EP 437 permits in 2022 which, in other parts of the Perth Basin has played a pivotal role in some of the major discoveries in recent years.
“This new 3D seismic data was used to locate and plan the Booth-1 well and we are excited to drill the first of the many prospects within these permits.”
Targeting gas and oil
Booth-1, which is in the east of L7, is planned to be the first well in the upcoming drilling campaign, targeting gas at the Kingia-High Cliff reservoirs with potential for oil or gas in the overlying Dongara and Cattamarra Coal Measures sandstones.
Civil works for the drill pad are nearing completion with all other necessary preparatory works complete and all regulatory approvals received.
A new water supply well has been drilled which will subsequently be given to the landowner.
Booth Well Pad showing water and mud pits with waterproof lining.
The Booth prospect has potential for multiple oil and gas targets, with a Prospective Resource range of 113 Bcf (billion cubic feet of gas) to 540 Bcf with a Best Estimate of 279 Bcf (Gross 100%, on-block).
It has a prognosed total depth of 2,900 metres (measured depth) and is expected to take 22 days to drill from spud.
The well will deviate 800 metres to the southeast from the surface location to intersect three prospective reservoirs that are offset in depth and will have a true vertical depth of 2,670 metres.
Becos next
Triangle and partners are engaged in ongoing negotiations for a rig to drill the Becos Prospect in permit EP 437.
Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project and 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.