Triangle Energy’s (ASX: TEG) well pad for its upcoming Becos-1 exploration well in WA’s Perth Basin is in the final stages of construction. The completion of the pad is set for the end of December, ahead of a March spud of the highly anticipated onshore Becos-1 wildcat well.
The well is targeting a resource of between 1 million and 21m barrels (MMbbl), holds a best estimate of 5MMbbl and is slated at a 20 per cent chance of success.
The Becos-1 well is in the EP 437 permit in a joint venture (JV) operated by Triangle, alongside Perth Basin major player Strike Energy and Echelon Resources, which each own 25 per cent stakes in the JV.
The high-risk, high-reward drilling is expected to reach its main reservoir targets, the Arranoo and Bookara sandstones, at a depth of 700m-800m. There is a chance the drill bit could hit an additional reservoir in the deeper Kingia sandstone, if present, on its way to a target depth of 1140m.
Triangle says the well pad construction is proceeding smoothly, with the installation of critical infrastructure, including a 13 3/8” conductor at the rig site.
When spudded, a contracted Silver City Drilling rig will spend about 12 days on location, including seven days’ drilling, underlining the efficiency and cost-conscious campaign approach.
Triangle is pleased to share progress on the Becos-1 well pad and looks forward to spudding the well at the end of March 2025. Triangle considers Becos a compelling target both in terms of the potential resource and the chance of success.
Triangle Energy Global Managing Director Conrad Todd
Triangle says it is well-funded for all its planned drilling campaigns across the mighty Perth Basin following an agreement to sell its share of the Cliff Head offshore operation to Pilot Energy in 2023.
The company has already received the first $2.4m payment from Pilot, of a series of payments worth a potential windfall of more than $18m to Triangle, as it transitions from being an offshore oil and gas producer to a conventional onshore oil and gas exploration company.
The Becos prospect is on the oil and gas-rich Bookara Shelf, a region known for its hydrocarbon migration pathways. The EP 437 permit represents a significant opportunity for Triangle and its partners, as previous exploration has left much of the area underexplored.
Advanced geological and 3D analysis suggest strong indicators of the resource’s potential, positioning Becos-1 as a critical step in testing hydrocarbon migration for the JV’s broader exploration strategy.
As the countdown to Becos-1 spudding continues, more than a few eyes will be on Triangle Energy as it attempts to solidify its status as the latest player in the emerging Perth Basin oil and gas story.
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