How Did Strike Energy 's Bookara 3D Seismic Data Transform Oil Prospecting in the North Perth Basin?

Triangle Energy Unveils Major Oil Exploration Potential in Perth Basin

In a groundbreaking development, Triangle Energy Global Ltd (ASX:TEG) has made a significant discovery in the Perth Basin, unveiling substantial oil exploration potential in its acreage. The advanced analysis of Bookara 3D seismic data in Block L7 and EP 437, located in the onshore North Perth Basin, has exposed 12 new oil prospects. These findings not only underscore the prolific nature of the region but also mark a pivotal moment for Triangle Energy and its joint venture partners, Strike Energy Ltd (ASX:STX) and New Zealand Oil and Gas Ltd (ASX:NZO).

A Treasure Trove of Oil: Unraveling the Prospects

Deep Dive into Oil: Previously concentrated on deeper gas, the L7 exploration now reveals additional oil prospects through new seismic insights.

Vast Reserves: The 11 prospects in block L7 collectively hold an estimated 36 million barrels of oil (MMbbl) Best Estimate (Gross 100%).

Gas and Oil Blend: The Booth gas prospect in L7 boasts a Best Estimate Prospective Gas Resource of 279 Bcf (Gross). Intriguingly, the Dongara reservoir in the Booth prospect may harbor either oil or gas, estimated at 8.

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5 MMbbl or 19 Bcf of gas.

EP 437 Permit: Expanding Horizons

Becos: A Smaller Yet Significant Prospect: The adjacent EP 437 permit features the Becos oil prospect, drillable with a smaller rig than required for the Booth prospect. Becos holds a prospective resource range of 1 to 21 MMbbl, with a mid-case estimate of 5 MMbbl oil (Gross 100%).

Strategic Drilling and Partnerships: Upcoming Drilling Campaigns

Immediate Focus: The Booth-1 well in L7, targeting both oil and gas prospects, is slated for drilling as early as the first half of 2024.

MH-2 Updip Prospect: This candidate in permit L7, with potential for both oil and gas, is lined up for drilling following the Booth prospect.

Becos-1 Well: Also expected to be drilled in the first half of 2024, this well within EP 437 targets the Bookara sandstone.

Collaborative Ventures

Farming Out: Triangle has divested a 50% interest in L7 and EP 437 to Talon Energy (now part of Strike Energy) and New Zealand Oil and Gas, holding 25% each.

Shared Investment: Triangle’s share of the cost for the first three wells is projected to be $4 million.

Enhanced Exploration Portfolio

Gas Prospects: Alongside the newly discovered oil prospects, several gas prospects in the L7 permit, such as Huntswell Deep and MH-2 Updip, offer additional exploration opportunities.

Seismic Revelations: Ongoing seismic data evaluation has revealed a large basement high under the MH-2 Updip prospect, hinting at untested Jurassic to Permian oil-prone sandstone reservoirs near Mount Horner Oil Field.

The revelations by Triangle Energy mark a significant leap in oil exploration in the Perth Basin. The combination of new prospects, strategic partnerships, and planned drilling campaigns positions Triangle Energy and its partners at the forefront of unlocking the vast potential of this region.

This discovery not only enhances the company's asset portfolio but also promises to contribute significantly to the energy sector's growth. As Triangle Energy embarks on this ambitious journey, the industry watches with keen interest, anticipating the impact of these developments on global oil markets.

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