Triangle Energy (Global) Ltd and its L7 Joint Venture partners Strike Energy (Strike Energy Ltd (ASX:STX)) and New Zealand Oil and Gas (New Zealand Oil & Gas Ltd (ASX:NZO, OTC:NZEOF)) are set to spud the Booth-1 well in the North Perth Basin within two weeks after taking possession of the Ventia 106 rig.
The rig is mobilising to site and is expected to be ready to begin drilling in about 10 days with the L7 operator Triangle Energy anticipating spudding to occur around July 31, 2024.
This represents an important milestone for Triangle as it will be the company’s first well to be drilled on its permits for 30 years.
The Booth prospect in the east of L7 is the first well in the joint venture’s upcoming drilling campaign and is targeting gas at the Kingia-High Cliff reservoirs.
There is also potential for oil or gas in the overlying Dongara and Cattamarra Coal Measures sandstones.
“An important milestone”
Triangle managing director Conrad Todd said: “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.
“This will be the first well drilled in our permits for 30 years.
"In tandem with drilling the Booth-1 well, we are progressing drilling plans for the Becos-1 well in the EP 437 permit.
"These will be the first two wells drilled to test the many targets identified using the new 3D seismic data that was acquired over these permits.”
Booth prospect Kingia depth map.
Multiple targets
The Booth prospect hosts multiple oil and gas targets, with a Prospective Resource range of 113 Bcf (billion cubic feet of gas) to 540 Bcf with a Best Estimate of 279 Bcf (Gross 100%, on-block).
The well has a prognosed total depth of 2,900 metres (measured depth) and is expected to take around three weeks to drill.
It will deviate 800 metres to the southeast from the surface location to intersect the three prospective reservoirs that are offset in depth and will have a true vertical depth of 2,670 metres.
Triangle has discussions underway to secure a rig to drill the Becos Prospect in the EP 437 Permit.
Note: Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project it relates to undiscovered accumulations.
These estimates have both an associated risk of discovery and a risk to development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.