Triangle is fully funded for the well, which is expected to commence end March 2025
Triangle Energy Global has advised that, on behalf of the EP 437 JV, comprising Triangle 50%, and subsidiaries of Strike Energy 25% and Echelon Resources 25%, it has signed a contract securing the Silver City Rig 24 drilling rig for the upcoming Becos-1 exploration well in the Perth Basin (EP 437 permit).
The contract to Silver City Drilling follows the recent receipt of the Environmental Plan for Becos. The rig is mobilising from the Canning Basin and will relocate to the Perth Basin to undertake a series of well workovers, prior to commencing the Becos-1 well. As these workovers are to be undertaken on a 12 hour operations basis rather than 24 hour operations, with a break over Christmas, the rig will mobilise to Becos-1 at end March 2025.
The 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%.
The Becos-1 well prognosis displayed below indicates that the primary targets, the Arranoo and Bookara sandstones will be encountered between 700 and 800m measured depth (md). There is potential for the well to encounter a further reservoir in the Kingia sandstone if present at this location.
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.
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. 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.'
'With the recent receipt of the initial Cliff Head payment (see ASX release dated October 21, 2024), 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'.
Source: Triangle Energy
