Triangle Energy Advances Toward Becos-1 Exploration Well Completion in Perth Basin

December 16, 2024 01:13 PM AEDT | By Team Kalkine Media

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Triangle Energy Advances Toward Becos-1 Exploration Well Completion in Perth Basin — Image source: shutterstock

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Highlights

Triangle Energy progressing well on the Becos-1 exploration pad in EP 437.

Joint venture targets March 2025 for spudding the well with Silver City Drilling rig.

Becos-1 aims to explore significant resource potential in Perth Basin.

Triangle Energy (ASX:TEG) has reported substantial progress on constructing the well pad for the Becos-1 exploration well, part of the EP 437 joint venture in the Perth Basin. The well pad development is expected to be completed by the end of the month, marking an essential milestone in the company's exploration activities.

The joint venture, operated by Triangle Energy, involves a 50% stake held by the company, while subsidiaries of Strike Energy (ASX:STX) and Echelon Resources share 25% each. The Silver City Drilling rig is scheduled to arrive at the site by March 2025, following its completion of other workover operations in the Perth Basin.

Progress on Well Pad Construction

Triangle Energy has already installed the 13 3/8” conductor at the rig location, showcasing efficient progress in its groundwork. The Becos-1 well targets the Arranoo and Bookara sandstones as its primary exploration zones, estimated to be encountered at depths between 700 and 800 meters. Additionally, there is potential to discover further resources in the Kingia Formation, if present at this location.

Compelling Exploration Target

The Becos-1 prospect presents a significant exploration opportunity with estimated resources ranging from 1 million barrels (low case) to 21 million barrels (high case), with a best estimate of 5 million barrels. The prospect also carries a geological probability of success (GPOS) of 20%. The exploration plan forecasts a total on-site rig time of 12 days, with seven days dedicated to drilling activities.

Triangle Energy's managing director highlighted the importance of the Becos-1 project as a strategic target, emphasizing its resource potential and the promising chance of success. The company is optimistic about the well's spudding timeline and its contribution to unlocking further opportunities in the region.

Strategic Importance

The exploration is focused on the Perth Basin, a region known for its hydrocarbon potential. Successful drilling at Becos-1 could enhance resource estimates and solidify the basin's position as a key energy hub. Triangle Energy, along with its partners Strike Energy and Echelon Resources, remains committed to advancing the project on schedule.

With the groundwork nearing completion, all eyes are on the March 2025 timeline for spudding the Becos-1 well, potentially unlocking significant energy resources in the Perth Basin.

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