Triangle signs rig for Perth Basin well

Sydney-listed Triangle Energy, along with its joint venture partners Strike Energy and New Zealand Oil and Gas, has secured a rig to drill the Booth-1 well in the North Perth Basin, Triangle said on April 18.

Located in the eastern portion of permit L7, Booth-1 prioritises uncovering gas deposits within the Kingia-High Cliff reservoirs. The Booth prospect has potential for both oil and gas, with a prospective resource range of 113bn ft³-540bn ft³ with a best estimate of 279bn ft³. 

Following the Booth-1 well, Triangle plans to target the Becos prospect in the September quarter of 2024. Becos, situated within permit EP 437, has a prospective resource range of 1mn to 21mn barrels with a mid-case of 5mn barrels of oil.

Triangle anticipates utilising separate rigs for these first two wells. The Booth prospect requires a larger, more robust rig due to its projected depth of 2,900 meters. Conversely, the shallower Becos prospect, with a depth of just over 1,000 meters, is suited for a smaller and more mobile drilling unit.

Several other gas prospects located in the L7 permit are also potential targets for the third well. Notable is Huntswell Deep, which is a previously unmapped structure that has been identified on the 3D seismic, also MH-2 updip and Mountain Bridge South, located in the southern portion of L7.

In addition to the previously identified gas prospects, the new oil prospects significantly add to a broad portfolio of exploration potential within the Triangle permits, the company said. 

“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,” Triangle managing director Conrad Todd said.

“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,” he added.

In 2022, Triangle bought Key Petroleum’s interests in permits L7 and EP 437. This purchase, in addition to the acquisition of a 13.058% from Pilot Energy in EP 437 resulted in Triangle owning a 100% interest in both permits.

Triangle later farmed out a 50% interest in L7 and EP 437 to Talon Energy and New Zealand Oil and Gas (25% each). Talon was acquired by Strike late last year.