Triangle Energy (Global) Ltd has received further strong encouragement of the potential of its acreage in the Perth Basin with the latest 3D seismic data revealing oil exploration prospectivity in addition to the existing gas resources.
The company’s interpretation of the Bookara 3D seismic in the Block L7 and EP 437 joint venture properties in the onshore North Perth Basin has revealed 12 new oil prospects in multiple plays near the Mount Horner Oil Field.
36 million barrels estimated
Best Estimate Prospective Resources of 36 million barrels of oil (MMbbl), with 18 MMbbl net to Triangle, have been calculated for the 11 L7 prospects in the JV with Strike Energy Ltd (ASX:STX) and New Zealand Oil and Gas Ltd (NZOG).
Triangle has 50% of the JV and is operator with the other partners each holding 25% in a farm-out arrangement.
Prospect location map.
Exploration at L7 has previously focused on the deeper gas potential with the seismic data revealing the additional oil potential. L7 hosts the Booth gas prospect, which has a Best Estimate Prospective Gas Resource of 279 Bcf (Gross).
Recent drilling results in the basin suggest that the Dongara reservoir at Booth prospect may contain oil or gas with a Best Estimate Oil Prospective Resource of 8.5 MMbbl or 19 Bcf of gas.
“Immense potential”
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.”
Booth-1 first well
This oil and gas prospectivity will be targeted by the Booth-1 well as soon as the first half of 2024.
The MH-2 Updip prospect in permit L7 contains both oil and gas potential and is a strong candidate for drilling after Booth.
Adjacent EP 437 permit, also operated by Triangle, contains the Becos oil prospect which can be drilled by a smaller rig than the Booth prospect. Becos has a Prospective Resource range of 1 MMbbl to 21 MMbbl with a mid-case of 5 MMbbl oil (Gross 100%).
Discussions are underway to secure rig slots to drill mid-2024 with the two most likely wells being on the Booth and Becos prospects.
Booth oil potential
The primary target at Booth 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.
Kingia depth structure map.
This well will then intersect the Dongara sandstone which the JV presently calculates 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.
Several other attractive gas prospects in the L7 permit are also potential drill candidates. Notable is Huntswell Deep, a previously unmapped structure that has been identified on the 3D seismic, and MH-2 Updip in the central portion of L7.
Second well at Becos
The Becos oil prospect in EP 437 will be the second well in the program, targeting the Bookara sandstone.
At Becos, the primary target is oil in the Bookara and Arranoo reservoirs. Evaluation of the seismic data has identified a large basement high underlying the MH-2 Updip prospect.
This is an untested play underlying potential Jurassic to Permian oil-prone sandstone reservoirs in this area near Mount Horner Oil Field.
Becos oil prospect.
A further oil prospect, Wye Knot, has been identified downdip from the proven gas in Wye-1 well. The oil is expected to form a rim around the gas leg. Wye Knot prospect is calculated to have Best Estimate Prospective Resources of 2 MMbbl.
Rig opportunities
For the drilling program, several 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 to the JV to move swiftly when a rig opportunity presents itself.
Triangle’s share of the cost of the first three wells is estimated to be $4 million.