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Highlights
- Triangle Energy secures rig contract for the Becos-1 well in Perth Basin.
- Silver City Rig 24 will be mobilized from Canning Basin for drilling.
- JV partners Strike Energy and Echelon Resources hold 25% each in EP 437.
Triangle Energy (Global) Ltd (ASX:TEG) has solidified plans for the upcoming Becos-1 exploration well in the Perth Basin by securing a rig contract for Silver City Rig 24. This initiative is part of the company’s ongoing work within the EP 437 Joint Venture (JV), where Triangle Energy holds a 50% stake, with Strike Energy Ltd (ASX:STX) and Echelon Resources Ltd each maintaining a 25% interest.
The contract follows the Environmental Plan approval for the well, marking a key milestone as the project heads toward its March 2025 target for drilling commencement. Triangle Energy’s managing director, Conrad Todd, emphasized that this contract reflects significant forward momentum for the company and its JV partners, considering Becos-1 as a promising target within the Basin.
The Becos-1 well targets a prospective resource ranging from 1 million barrels (MMbbl) in the low estimate up to a high estimate of 21 MMbbl, with a best estimate of around 5 MMbbl. The Geological Probability of Success (GPOS) for the well is currently evaluated at 20%. Primary targets for Becos-1 include the Arranoo and Bookara sandstone formations, projected to be reached at depths between 700 and 800 meters. Additionally, there is a possibility of encountering the Kingia sandstone, which could offer further resource potential if present in this area.
Silver City Rig 24, the designated drilling rig, is currently stationed in the Canning Basin in northern Western Australia. Once initial well workovers in the Canning Basin are completed, the rig will be relocated to the Perth Basin. These workovers will operate on a 12-hour shift schedule instead of the standard 24-hour schedule, which, along with a planned break over the Christmas holiday, sets the rig’s mobilization to the Becos-1 location for late March 2025.
Todd expressed satisfaction with securing the contract despite the slightly extended timeline, adding that Triangle Energy is well-positioned financially to support its portion of the project’s expenses. A recent payment associated with the Cliff Head project has provided Triangle with the necessary funding to move forward with preparations for Becos-1.
The project’s preliminary time-depth curve indicates that the rig will be stationed at the well for approximately 12 days, with drilling anticipated to take about 7 days.
