As Triangle Energy (ASX: TEG) works to secure the remaining 50% interest in the Mt Horner licence L7 from Key Petroleum (ASX: KEY), it has confirmed a prospective resource estimate for numerous prospects and leads within the licence.
Key is selling its 50% stake in L7 as well as its 86.94% in exploration permit EP 437 to Triangle under a deal announced in January.
Upon acquiring the interest in Mt Horner, Triangle will own 100% of L7 and 86.94% of EP 437, which are located onshore in the North Perth Basin.
With the deal advancing towards completion, Triangle has now confirmed a prospective resource estimate for 18 oil opportunities and four gas leads.
All up the Mt Horner all 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.
This followed a review of historical well results along pervious mapping, and up-to-date petrophysical analysis of the wells.
Upcoming seismic survey to deliver drill program
The recently identified oil prospects and leads will be evaluated for drilling with the Bookara 3D seismic survey that is planned to begin either in December or January next year.
This will be the first acquisition of seismic data in the licence since the 1990s, with 3D technology never applied.
Triangle says it expects a multi-well oil exploration and appraisal program would be delivered from the seismic survey, which, if successful, could be “rapidly brought into production”.
“It is exciting to see the potential that the company perceived in L7 when it farmed-in start to come to fruition,” Triangle 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,” Mr Towner added.