Triangle Energy Global spuds Becos-1 exploration well in WA’s Perth Basin
Triangle Energy Global (ASX: TEG) has spudded its much-anticipated Becos-1 exploration well in Western Australia’s Perth Basin.
Triangle, with a 50% stake and as operator, is drilling the well on behalf of the EP 437 joint venture with Strike Energy (ASX: STX) and Echelon Resources (ASX: ECH), each of which holds a 25% interest.
“We are excited to spud the Becos-1 well as the second well in our Perth Basin campaign, which demonstrates our continued commitment to exploration in this highly prospective basin,” managing director Conrad Todd said.
Positive oil estimates
The onshore well is targeting a fault-bounded structure with a pre-drill estimate ranging from 1 million barrels (MMbbl) to 21MMbbl in the prospective level (low to high case), with a best estimate of 5MMbbl.
Studies have assessed a geological chance of success of 20% for the well.
Triangle’s main targets are the Arranoo and Bookara sandstones, which are expected to be encountered between 700 metres and 800m measured depth.
Deeper drilling
With a planned total depth of 1,164m and estimated timeframe of seven days, Triangle will also drill deeper into the early Permian section below the primary target.
The company believes there is potential to encounter other reservoirs such as the Kingia formation, if present at this location.
In the success case, Triangle expects to have reached total depth and have all logging completed around 20 April.
Third well potential
Triangle has identified a potential third well, MH-28, in its onshore Perth Basin exploration campaign.
Triangle has assessed MH-28 as high-grade, with multiple targets for oil and gas and large potential upside in a near-basement gas play and says it will make a decision whether to proceed with MH-28 post the drilling of Becos.
The company drilled Booth-1, the first well in the campaign, in August 2024 and subsequently plugged and abandoned it after failing to encounter moveable hydrocarbons in any of its targets.