Highlights
• Triangle’s interpretation of the Bookara 3D seismic in Block L7 and EP 437 in the onshore
North Perth Basin has revealed 12 new oil prospects in multiple plays near the Mount Horner
Oil Field.
• L7 exploration previously focused on deeper gas sees additional oil prospects on new
seismic.
• The 11 prospects in block L7 have summed Prospective Resources of 36 million barrels of
oil (MMbbl) Best Estimate, (Gross 100%).
• L7 hosts the Booth gas prospect, which has a Best Estimate Prospective Gas Resource of
279 Bcf (Gross).
• Recent drilling results in the basin suggests that the Dongara reservoir in the Booth
prospect may contain oil or gas with a Best Estimate Oil Prospective Resource of 8.5 MMbbl
or 19 Bcf of gas.
• Oil and gas prospectivity in L7 will be targeted by the Booth-1 well as soon as the first half
of 2024.
• Adjacent EP 437 permit contains the Becos oil prospect which can be drilled by a smaller
rig than the Booth prospect.
• Key takeaways:
• The MH-2 Updip prospect in permit L7 contains both oil and gas potential and is a strong
candidate for drilling after the Booth prospect.
• Within the adjacent EP 437 permit, also operated by Triangle, the Becos prospect has a
Prospective Resource range of 1 MMbbl (million barrels) to 21 MMbbl with a mid-case of
5 MMbbl oil (Gross 100%). Becos-1 is also expected to be drilled in the first half of 2024.
• Triangle has farmed out a 50% interest in L7 and EP 437 to Talon Energy (now owned by
Strike Energy) and New Zealand Oil and Gas (25% each).
• Triangle’s share of the cost of the first three wells is estimated to be $4 million.
Triangle Energy Global Ltd is pleased to advise that it has interpreted additional oil potential
using the latest 3D seismic data on the L7 and EP 437 permits, in it’s Joint Venture with Strike Energy Ltd
and New Zealand Oil and Gas Ltd in the North Perth Basin, in addition to the
previously announced gas resources.
The review has resulted in updated Operator’s resource estimates for the L7 and EP 437 permits (Tables
1, 2 and 3).
Discussions are underway to secure rig slots to drill mid 2024. The two most likely wells being on the
Booth and Becos prospects.
The Booth prospect, located in the east of L7, is planned to be the first well in the upcoming drilling
campaign, targeting gas at the Kingia-High Cliff reservoirs with potential for oil or gas in the overlying
Dongara and Jurassic sandstones.
The previously identified Becos oil prospect in EP 437 will be the second well in the program, targeting the
Bookara sandstone.
Several other attractive gas prospects located in the L7 permit are also potential drill candidates. Notable
is Huntswell Deep, which is a previously unmapped structure that has been identified on the 3D seismic,
and MH-2 Updip, discussed below, located in the central portion of L7.
In addition to the previously identified gas prospects the new oil prospects significantly add to a broad
portfolio of exploration potential within the Triangle permits.
Recent and ongoing evaluation of the seismic data has also identified a large basement high underlying
the MH-2 Updip prospect (Figure 1 for location). This is an untested play underlying potential Jurassic to
Permian oil-prone sandstone reservoirs in this area near Mount Horner Oil Field.
The Base Kockatea structure map over L7 and EP 437, Figure 2, shows a similar structural form to those
areas around the nearby Lockyer Deep and Waitsia gas fields. There are numerous structures at the same
reservoir levels as in those fields and the nearby Dongara gas field.
The Booth prospect primary target is gas in the Kingia and High Cliff reservoirs. However, whilst drilling to
the Kingia, the well will pass though the Cattamarra reservoirs, which contain oil in the nearby Mt Horner
oilfield, where Best Estimate Prospective Resources of 2.7 million barrels of oil are situated. The well will
then intersect the Dongara sandstone which we presently calculate to have Best Estimate Prospective
Resources of 19 Bcf gas. However, there is strong evidence of oil potential at this level from recently drilled
wells nearby and in the Dongara Field. Should the Dongara reservoir contain oil instead of gas, the Best
Estimate prospective resources would be 8.5 million barrels of oil (MMbbl), plus 2.7 MMbbl in the
Cattamarra and 260 Bcf of gas in the Kingia / High Cliff. Oil at the Dongara reservoir level would further
increase the value of the Booth prospect to the JV.
The Becos prospect primary target, Figure 4, is oil in the Bookara and Arranoo reservoirs. These
encountered gas with good oil shows in the updip Wye-1 well, drilled in 1996. Gross Prospective
Resources ranging from 1 million barrels of oil (MMbbl) Low Estimate to 21 MMbbl High Estimate with a
Best Estimate of 5 MMbbl have been calculated for these two reservoirs.
A further oil prospect, Wye Knot, has been identified downdip from the proven gas in the Wye-1 well. The
oil is expected to form a rim around the gas leg. The Wye Knot prospect is calculated to have Best Estimate
Prospective Resources of 2 MMbbl.
For the drilling program, a number of potential rig opportunities are beginning to present themselves as
the active exploration programs of other operators unfold. While no firm dates are yet available, Triangle
believes there is potential to secure a suitable rig in the second quarter of 2024 to drill at least one well.
The Long Lead Items will be in-country next month which will enable the JV to move swiftly when a rig
opportunity presents.
Triangle Managing Director Conrad Todd said: “Our two blocks in the Perth Basin have not been
drilled for 30 years, during which time the introduction of 3D seismic data has played a pivotal role
in some of the major discoveries in the Perth Basin in recent years. Triangle and our JV partners
are now using our new 3D seismic to great effect in our blocks in the lead up to drilling next year.
This latest 3D data interpretation and geological analysis has led to numerous new oil and gas
prospects being identified, further highlighting the immense potential in what is the most underexplored acreage in the lucrative Perth Basin.”