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Highlights
- Triangle Energy's joint venture secures environmental plan approval.
- The Becos-1 well targets oil reservoirs with up to 5 million barrels.
- Drilling is expected to begin once rig tenders are finalized.
The joint venture between Triangle Energy (Global) Ltd, Strike Energy Ltd (ASX:STX), and Echelon Resources Ltd has reached a significant milestone with the approval of its environmental plan. This approval paves the way for drilling the Becos-1 well in the North Perth Basin, with the primary target being oil in the Bookara and Arranoo reservoirs, positioning the company as a key ASX energy stock.
The joint venture is evaluating rig tenders and considering several alternatives for the drilling, with a decision expected in the coming weeks. Once a rig is selected, the drilling process can begin, aiming to tap into a prospect estimated to hold 5 million barrels of recoverable oil. The gross prospective resources for the Becos-1 well range from 1 million barrels (low estimate) to 21 million barrels (high estimate), with a 25% geological chance of success (GPOS).
Targeting the Becos-1 Well
The Becos-1 well, a commitment under the EP 437 permit, is focused on tapping into the oil potential in the Bookara and Arranoo reservoirs. These reservoirs were previously identified in the Wye-1 well, drilled in 1996, which encountered gas with promising oil shows.
Triangle Energy’s managing director, Conrad Todd, expressed optimism about the project, stating, "We are looking forward to drilling the attractive Becos-1 in the North Perth Basin. The joint venture will update the market as soon as a rig contract is finalized, with further information on the well."
Exploring the Becos Prospect
The Becos prospect lies across the EP 437 permit and the western portion of L7. Mapped using the Bookara 3D seismic survey, the area displays a complex structure of faults, including the east-west trending Allanooka Fault. The team believes the oil found in the nearby Mt Horner oil field, with at least 8 million barrels in place, and the gas from the Wye-1 well must have migrated from the deeper basin section south of the Allanooka Fault.
The Booth-1 well, located in the eastern part of the L7 permit, confirmed that the Allanooka Fault did not allow gas or oil to cross into the Booth prospect. This suggests that the fault plays a crucial role in oil migration patterns within the region, adding further interest to the geological structure of the Becos prospect.
With approvals in place and rig selection underway, the joint venture is well-positioned to advance its exploration in the North Perth Basin, with the Becos-1 well offering a promising opportunity for oil discovery.
