Highlights
Triangle, Talon and NZOG (the Joint Venture) have reviewed the interpretation of the
Bookara 3D seismic and confirm multiple prospects within the two permits
Four prospects high-graded as potential drilling candidates for 2024 drilling campaign
3 attractive gas prospects identified in permit L7, of which two will be drilled
1 attractive oil prospect identified in permit EP 437 to be drilled
Further interpretation work is expected to refine and de-risk these resources and to add
further prospects
Well planning commenced with drilling targeted for H1 2024
Key takeaways:
The new Bookara 3D seismic interpretation has resulted in confirmation of the prospectivity of
the L7 and EP437 permits and has resulted in the identification of drillable prospects, mainly
gas in L7 and oil in EP 437.
Drilling program likely to comprise 3 wells during H1 2024
Triangle Energy (Global) Limited (Triangle Energy / the Company) has interpreted the initial
time migrated Bookara 3D seismic data over the highly prospective L7 and EP 437 permits. Triangle
Energy (TEG) 50%, has generated preliminary prospective resource estimates, (Tables 1 - 4 below), and
shared these with the new Joint Venture partners, Talon Energy Ltd 25% and New Zealand
Oil and Gas Ltd 25%. The partnership is already working collaboratively and we look forward
to their technical input as we refine our views.
The Bookara 3D seismic data has confirmed the presence of a number of attractive gas prospects at the
Dongara, Kingia and High Cliff sandstone reservoir intervals. The prospect location map, Figure 1, shows
the proximity of the prospects to the large gas discoveries to the south; the currently drilling Lockyer Deep
discovery and the large Waitsia and Dongara gas fields. Some of the prospects extend outside L7 and
EP437, which adds to their economic attractiveness and adds monetary value to the portion within the
JVs permits. The location of the Dampier Bunbury Natural gas Pipeline (DBNGP) is shown on this map
where it passes through the L7 permit, close to two of the larger prospects which would significantly reduce
the cost of development.
Several very attractive gas prospects have been identified, of these the Booth prospect, located in the east
of L7, is considered a firm drilling candidate. There are several other attractive gas prospects located in
the L7 permit which are also candidates for the 2024 drilling program, notable Huntswell Deep, which is a
previously unmapped structure that has been identified on the Bookara 3D, and Mountain Bridge South,
located in the southern portion of L7. These top three candidates for gas drilling have preliminary
resources outlined in Tables 1 & 2 below. Summed resources for these three prospects have a Best
Estimate case of 393 Bcf with a range from 167 Bcf (Low Estimate case) to 753 Bcf (High Estimate case).
These are gross 100% on-block resources. As previously noted two of these prospects extend into
adjacent acreage.
An additional 7 gas prospects have been identified in permit L7, these are presently being refined and will
be presented in detail to the JV after further interpretation and studies have been completed.
Oil prospects have also been mapped within permit EP437, of which the Becos prospect is the most
attractive, with a Best Estimate case of 5 MMbbl prospective resource with a range from 1 MMbbl (Low
Estimate case) to 21 MMbbl (High Estimate case). This is a shallow prospect and will be low cost to drill
and develop in the case of success.
The Base Kockatea map, Figure 2, shows the permits have a similar structural configuraton to areas
around the nearby Lockyer Deep and Waitsia gas fields. There are numerous structures at the same
reservoir levels as those fields and the nearby Dongara gas field.
Next steps:
Signature and lodgement of Joitn Operating Agreements
Finalise 3D seismic interpretation
Undertake new petrophysical evaluation and incorporate results
Refine prospects
Joint Venture Technical Committee Meetings
Well planning: Landholder consultation and Environmental permissions
The Managing Director, Mr Conrad Todd said I am pleased to report to shareholders that the
review of the 3D seismic data has progressed to the point where the JV has identified an exciting
range of prospects across both permits, for which the JV has calculated preliminary resource
estimates. The joint venture will now undertake further interpretation and in-depth technical
studies in order to fully evaluate the potential of these prospects and to refine further prospects
and leads identified within these permits.
