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Highlights
- Triangle Energy to begin drilling Becos-1 by March 2025.
- Delays due to external factors but firm contract secured for the rig.
- Joint venture partners Strike Energy and Echelon Resources share a 50% stake.
Triangle Energy (ASX:TEG), an oil producer in Western Australia’s Perth Basin, has finalized a rig contract for its highly anticipated Becos-1 drilling. Originally expected to commence drilling in December, the start date has now been moved to March 2025. Although the delay may push back operations, Triangle clarified that the change in schedule was outside its control and emphasized the importance of securing a confirmed rig for this project.
Conrad Todd, Triangle Energy's CEO, addressed the delay, expressing the company’s understanding of the timing adjustments. "While the rig delivery is later than anticipated, we are pleased to have a solid agreement in place, ensuring the availability of the rig,” Todd noted. This secured contract is critical to Triangle’s ongoing exploration efforts in the region.
The drilling focus for Becos-1 is a promising hydrocarbon deposit in the Perth Basin sandstones. Triangle Energy holds a substantial 50% stake in this joint venture (JV) with Strike Energy (ASX:STX) and Echelon Resources (ASX:ECH), each owning a 25% share. The collaborative development effort brings together the expertise and resources of each company, with Triangle taking the lead.
Funding for the project has been strengthened through recent asset sales by Triangle to Pilot Energy (ASX:PGY), enabling the company to support the upcoming drilling phase. The company sees the Becos-1 target as particularly attractive, given the favorable resource potential and the anticipated success rate within the region. Todd conveyed Triangle’s optimism about Becos-1, describing it as a “compelling target” with significant resource prospects.
The Becos-1 drilling is also sparking interest among investors and industry observers, with discussions reflecting an overall positive reception despite the delay. Some noted the adjusted schedule, yet many expressed contentment with the project's progress. Triangle’s latest market price was reported at 0.7 cents per share, showcasing steady interest in its development activities.
The collaborative efforts of Triangle, Strike, and Echelon are expected to bring promising results as they work toward tapping the region’s hydrocarbon reserves. This anticipated project continues to draw attention to the Perth Basin’s potential for resource expansion, positioning Triangle Energy and its JV partners as key players in the area.
