Triangle Energy (Global) Ltd has taken a key step in plans to drill the Becos-1 exploration well onshore in the Perth Basin on behalf of the EP 437 Joint Venture (JV) by awarding a contract securing the Silver City Rig 24 drilling rig.
This rig contract with Silver City Drilling follows the recent receipt by the JV of the Environmental Plan for the Becos-1 well.
The JV for EP 437 comprises Triangle Energy as operator with 50% and subsidiaries of Strike Energy Ltd (ASX:STX) and Echelon Resources Ltd with 25% each.
Becos prospect Base Triassic map.
Significant progress
Triangle managing director Conrad Todd said: “The signature of the rig contract marks significant progress towards the drilling of Becos-1 in March.
"Triangle considers Becos a compelling target both in terms of the potential resource and the chance of success.”
Becos-1 well will target a range in resources from a low case of 1 million barrels (MMbbl) to a high case of 21 MMbbl with a best estimate of 5 MMbbl, with a chance of success (GPOS) of 20%.
Becos-1 well prognosis.
Well prognosis
The well prognosis indicates that the primary targets, the Arranoo and Bookara sandstones, will be encountered between 700 and 800 metres measured depth.
There is also potential for the well to encounter a further reservoir in the Kingia sandstone if present at this location.
Silver City Rig 24 is mobilising from the Canning Basin in WA’s north and will relocate to the Perth Basin to undertake a series of well workovers, prior to commencing the Becos-1 well.
As the workovers will be undertaken on a 12-hour operations basis rather than 24-hour operations, with a break over Christmas, the rig is expected to mobilise to Becos-1 at the end of March 2025.
Pleased to have firm contract
"Whilst the delivery of the rig is later than we would have liked, Triangle understands the reasons for the timing and is pleased to have a firm contract for the rig,” Todd said.
“With the recent receipt of the initial Cliff Head payment, Triangle is fully funded for its share of the outgoings for the Becos well and is excited to be preparing for the next well in our Perth Basin drilling campaign.”
Becos-1 time-depth chart.
The preliminary time-depth curve indicates that the total time for the rig to be on location is estimated to be 12 days, of which the drill time is estimated to be 7 days.