Triangle Energy (Global) Ltd has finished its review of the Prospects and Leads portfolio within the Mt Horner L7(R1) licence in the Perth Basin of Western Australia and confirmed its Maiden Prospective Resource estimate.
Triangle currently holds a 50% interest in L7 located in the North Perth Basin and an agreement with joint venture partner Key Petroleum Limited will see the company acquire the additional 50%, giving it 100% ownership.
Final details of the acquisition are being worked through, with the cut-off date for the proposed sale and purchase agreement extended to September 30, 2021.
While the details are being worked out, Triangle has been reviewing the Prospects and Leads portfolio within L7, leading to a prospective resource estimate for 18 oil opportunities and four gas leads.
These targets have a gross best estimate prospective resource of 24.5 million stock tank barrels of oil.
The four gas targets have total gross best estimate prospective resources of 165 billion cubic feet of gas.
These prospects and leads will now be evaluated for drilling with the Bookara 3D seismic survey that is planned to be acquired in December 2021/January 2022.
Seismic survey a milestone
“It is exciting to see the potential that the company perceived in L7 when it farmed-in start to come to fruition,” Triangle Energy’s managing director Robert Towner said.
“The acquisition of the Bookara 3D Seismic Survey will mark a significant milestone in unlocking the value in the Bookara Shelf opportunity which complements our strategy offshore with Cliff Head, TP15 and WA-481-P.”
The Bookara 3D seismic survey will start following the harvest season, in December 2021/January 2022.
Working in Triangle’s favour is that no new seismic acquisition has been undertaken in the Mt Horner area since the 1990s and 3D seismic technology has never been applied.
Following processing and interpretation of the data, Triangle is targeting a multi-well drilling campaign in late 2022 or early 2023.
Oil and gas opportunities abound
Triangle is operating in an oil prone part of the North Perth Basin that includes Mt Horner.
There are numerous oil shows in wells in the area, which bodes well for the company’s upcoming campaign.
The oil targets in L7 range from low-risk Mt Horner field attic/infill wells, Lower Jurassic exploration (Eneabba and Lesueur Formations), moderate risk Wagina/Dongara Formation exploration, and higher risk Permian (Irwin River Coal Measures, Kingia and High Cliff sandstones) exploration.
The Wagina/Dongara Formation targets provide the largest opportunity in the portfolio.
Several wells in the Mount Horner fault block have strong oil shows in the Permian and Triangle’s petrophysical review suggests that live oil columns may be present in the Permian.
Imaging of the Permian will be done to further evaluate the opportunities and will be a key part of the Bookara 3D seismic survey.
Triangle expects that a multi-well oil exploration and appraisal well program could be delivered from the Bookara 3D seismic survey, which, if successful could be rapidly brought into production.
Gas exploration targets in the Permian identified by Key have also been confirmed and are considered to have moderate to high risk.
Gas exploration provides Triangle with a valuable additional play to the previously identified oil targets in L7.