Triangle Energy Provides Booth-1 Drilling Update

Source: www.gulfoilandgas.com 6/12/2024, Location: Not categorized

Highlights
• The Ventia 106 rig is expected to be released to the L7 Joint Venture in early July and will take approximately 10 days to mobilise to the Booth-1 location
• Drilling of the Booth-1 well is expected to commence mid to late July
• Civil works for the drill pad are nearing completion with all other necessary preparatory works complete and all regulatory approvals received
• 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)

Triangle Energy Global Ltd (Triangle or Company) is pleased to advise that preparatory works by the L7 Joint Venture with Strike Energy Ltd and New Zealand Oil and Gas Ltd to drill the Booth-1 well in the North Perth Basin are nearing completion and all regulatory approvals have been received. The Company now expects the Ventia 106 rig to be released by the current drilling operator in early July with the spud of the Booth-1 well expected to occur mid to late July.

The Booth prospect, located 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. Negotiations are ongoing for a rig to drill the Becos Prospect in permit EP 437.

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), has a prognosed total depth of 2,900m (measured depth) and is expected to take 22 days to drill from spud. The well will deviate 800m 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 2,670m. A new water supply well has been drilled which will subsequently be given to the landowner.

Triangle Managing Director, Conrad Todd, said: “We are excited to approach the spud of the Booth1 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”.


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