Triangle Energy (Global) Ltd has completed a 3D seismic survey over the highly prospective L7 permit within the Perth Basin of Western Australia.
The company presently holds a 50% interest in the L7 permit and is acquiring the remaining 50% from Key Petroleum Ltd (ASX:KEY).
During the program, Triangle had also completed a 3D seismic survey over the EP437 Permit, which the company is acquiring 13.058% from Pilot Energy (ASX:PGY) Ltd and 86.942% from Key Petroleum.
Looking ahead, the processing of the seismic data is expected to take four to five months for the final product, however, a fast-track seismic cube will be available sooner which will enable Triangle to begin its interpretation and prospect generation early.
“Highly prospective block”
Triangle managing director Conrad Todd said: “ I am pleased to report to shareholders that Triangle has completed the 3D seismic acquisition on the L7 and EP 437 permits and that the seismic processing will commence very soon.
“This is a major step towards realising the potential in this highly prospective block.
“Following completion of the fast track cube interpretation we will move quickly to the drill planning phase.”
L7 Permit
L7 Permit is just north of the large Waitsia, Senecio and Lockyer Deep gas fields and contains highly attractive, similar-looking structures with the same reservoir targets.
The top five gas prospects are tabulated below:
Prospective resources.
Notably, L7 is now reported to hold 617 billion cubic feet of prospective gas resource — almost four times the previous 165-billion-cubic-foot estimate.
L7’s prospective oil resource now stands at the best estimate of 19 million barrels of oil.