3D Seismic Interpretation Delivers High Grade Prospects

Source: www.gulfoilandgas.com 3/27/2023, Location: Not categorized

• 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 JV’s 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.”

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