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Highlights
- Triangle Energy spuds Becos-1 as part of its Perth Basin exploration.
- Well targets up to 21MMbbl of prospective oil.
- Potential for third well decision after Becos-1 results.
Triangle Energy Global (ASX:TEG) has officially commenced drilling operations at the Becos-1 exploration well, a significant move in its ongoing campaign within the Perth Basin, Western Australia. This well marks the second exploration effort in the program and is operated by Triangle Energy, which holds a 50% interest. The remaining stakes are equally shared between Strike Energy (ASX:STX) and Echelon Resources (ASX:ECH), each owning 25%.
The Becos-1 well is positioned within the EP 437 permit and is targeting a promising, fault-bounded structure. Pre-drill estimates suggest a potential resource ranging between 1 million barrels (MMbbl) and 21MMbbl of oil, with a mid-case estimate of 5MMbbl. Geological analysis has placed the chance of success for this exploration at around 20%, highlighting both the opportunity and the challenges involved.
Primary targets for the well are the Arranoo and Bookara sandstone formations, anticipated at depths between 700 metres and 800 metres. The overall drilling operation is designed to reach a total depth of approximately 1,164 metres and is expected to take about seven days. In addition to testing the primary targets, Triangle Energy plans to extend drilling into the early Permian section, which lies below the main objective, in search of deeper hydrocarbon-bearing formations such as the Kingia formation—if present in this location.
Triangle Energy anticipates reaching total depth and completing well logging by around 20 April, depending on operational conditions and geological outcomes.
Looking ahead, the company has identified another prospective location—MH-28—which could become the third well in the current exploration campaign. MH-28 is being evaluated as a high-priority candidate with multiple oil and gas targets, including a deeper near-basement gas play. The decision to proceed with MH-28 will be made following the results from the Becos-1 well.
Earlier in the campaign, Triangle drilled the Booth-1 well in August 2024. While it did not yield moveable hydrocarbons and was subsequently plugged and abandoned, the overall campaign continues to build momentum as the company progresses through its exploration roadmap in the highly prospective Perth Basin.
The developments at Becos-1 could play a pivotal role in shaping the next phase of exploration in one of Australia's most active onshore petroleum regions.
