Triangle Energy has secured the crucial environmental plan approval to drill its Becos-1 well in Western Australia’s Perth Basin and expects to launch the campaign before year’s end in its quest for onshore oil and gas.
The milestone unlocks the next phase of the company’s drilling campaign at its “EP 437” concession where a best estimate of 5 million barrels of oil (MMbbl) has been identified at its Becos prospect, with the potential to reach as much as 21 MMbbl.
It has been building towards a fourth quarter assault on the prospect, where it plans to test the shallow target alongside joint venture (JV) partners Strike Energy and Echelon Resources. Triangle holds a 50 per cent operator interest in the EP 437 permit, with Strike and Echelon holding 25 per cent each.
The approval of the environmental plan allows Triangle to begin evaluating rig tenders, with a choice expected to be made in the next few weeks as it prepares to drill into the Bookara and Arranoo reservoirs. The company says both reservoirs have strong oil and gas migration indicators, including shows in its Mt Horner oil field at its adjacent “L7” permits.
The drilling of Becos-1 is expected to be a much shallower and cheaper affair for the company, with the target sitting at about 1000m below surface – some multiples shallower than many similar prospects across the Perth Basin.
Management says the EP 437 permit is in a historically underexplored area, with the Becos prospect sitting on the oil and gas-proven Bookara Shelf. 3D interpretation and geological analysis by the company suggests oil is likely to have migrated to Becos from the deeper basin sections to the south.
Triangle Energy 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.”
In addition to the Becos-1 well, Triangle has identified a further prospect, Wye Knot, downdip from the proven gas in the Wye-1 well. The additional target has a best estimate of 2 MMbbl of oil and adds to the company’s growing list of potential wells.
Management sites previous drilling at the Wye-1 well in 1996 as showing encouraging proven gas, which lays the groundwork for its renewed focus on the region.
Triangle has sited a likelihood for another well proceeding Becos-1 and it should be completed early next year. The company believes it could be one of three prospects across its L7 permits and the most likely to be uncorked is its MH2-updip prospect that has a best estimate of 2.7 MMbbl.
With the environmental green light secured, rig evaluations underway and more than $8 million cash still in hand, Triangle remains well-positioned to unlock exploration success at its multiple prospects in the Perth Basin. Two wells remain for the company to close out its busy drilling schedule in its bid to add another successful chapter to the emerging Perth Basin story.
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