Triangle Energy Mobilizes Rig for Booth-1 Well Drilling in North Perth Basin
TEG (TEG) Share Update July 2024 Sunday 21st
Triangle Energy Prepares to Drill Booth-1 Well in North Perth Basin
Triangle Energy (Global) Limited (ASX:TEG) has announced that it is set to commence drilling the Booth-1 well in the North Perth Basin within the next two weeks. The company has taken possession of the Ventia 106 rig, which is currently being mobilized to the site.
Instant Summary:
- Triangle Energy to drill Booth-1 well in North Perth Basin.
- Ventia 106 rig mobilizing to site, expected to start drilling by 31 July 2024.
- Booth Prospect has multiple oil and gas targets with a Best Estimate of 279 Bcf.
- Discussions underway for drilling the Becos Prospect in the EP 437 Permit.
Drilling Operations
Triangle Energy (Global) Limited, in collaboration with its L7 Joint Venture partners Strike Energy and New Zealand Oil and Gas, has received the Ventia 106 rig to drill the Booth-1 well in the North Perth Basin. The rig is expected to take approximately 10 days to reach the site, with drilling anticipated to commence around 31 July 2024.
Booth Prospect
The Booth Prospect, located in the east of L7, is the first well in the upcoming drilling campaign. It targets gas at the Kingia-High Cliff reservoirs, with additional potential for oil or gas in the overlying Dongara and Cattamarra Coal Measures sandstones. The prospect hosts multiple oil and gas targets, with a Prospective Resource range of 113 Bcf to 540 Bcf and a Best Estimate of 279 Bcf (Gross 100%, on-block).
Technical Details
The Booth-1 well is designed to reach a total depth of 2,900 meters (measured depth) and will take around three weeks to drill. The well will deviate 800 meters to the southeast from the surface location to intersect three prospective reservoirs, with a true vertical depth of 2,670 meters.
Future Plans
In addition to the Booth-1 well, Triangle Energy is also progressing plans to drill the Becos-1 well in the EP 437 Permit. These wells are the first to be drilled in the company's permits in 30 years and will test multiple targets identified using new 3D seismic data.
The mobilization of the Ventia 106 rig and the commencement of drilling at the Booth-1 well are significant milestones for Triangle Energy. Successful drilling could lead to substantial oil and gas discoveries, potentially increasing the company's stock value. However, the inherent risks of exploration mean that investors should remain cautious until concrete results are available.
Investor Reaction:
Triangle Energy's Managing Director, Conrad Todd, emphasized the importance of this milestone, stating, 'Receipt of the Ventia 106 rig is an important milestone for Triangle, putting us on track to spud the eagerly awaited Booth-1 well in the next two weeks.'
Conclusion:
Investors should closely monitor the progress of the Booth-1 well drilling and the subsequent results. The success of this project could significantly impact Triangle Energy's future prospects and stock performance. Stay tuned for updates on this exciting development.