What AI thinks an onshore small-scale drill rig looks like. Source: Adobe Stock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Triangle Energy (ASX:TEG) is gearing up to spud a well in the Perth Basin to kick off FY25, the company announced on Thursday.

To be called Booth-1, the well will be sunk by a rig called Ventia 106 in the North Perth Basin within the eastern part of the L7 permit.

Ventia 106 will be probing the landholding which boasts a prospective 113 billion cubic feet of gas (Bcf) with a best estimate of 279Bcf.

Both Strike Energy and New Zealand Oil & Gas hold an interest in L7, with each holding a 25% stake as part of a 3-way JV.

Triangle anticipates its costs at Booth-1 to be below $1.5M.

The well will be the first the JV trio drill on-site with a previously identified target called Becos to be number two.

A second rig is likely to spud Becos. Booth-1 will have a total depth of 2.9km with a smaller rig to tackle Becos, expected to run just over 1,000m.

Becos has a “prospective resource range” of 1 million barrels of oil (MMbbl) to 21MMbbl. The mid-case sits at 5MMbbl.

Triangle is already thinking about target #3 – several other prospects are reportedly of interest to geotechs,

“[Our] latest 3D data interpretation and geological analysis has led to numerous new oil and gas prospects being identified,” Triangle chief Conrad Todd explained.

“Triangle and our JV partners have utilised our new 3D seismic to locate and plan these wells and are excited to drill the first of many prospects within these permits.”

TEG shares last traded at 1.7cps.

TEG by the numbers
More From The Market Online

The High Fiving ASX oil and gas stock star champions are…

The top five ASX oil and gas companies over the past five years were Pancontinental, Melbana,…
The Market Online Video

Market Close: ASX closes flattish as traders shrug off new NASDAQ record

The ASX200 closed just 12 points down (0.15%) as the local markets shrugged off another record…
The Market Online Video

Market Update: ASX dips 0.2% with energy in focus in Perth

It’s been a busy day at the Australian Energy Producers conference in Perth, where the morning’s guest speakers included resources minister Madeleine King

Havilah drills molybdenum up to 0.21% and gold at 4.79 g/t at SA’s Kalkaroo

Havilah Resources Ltd has made a significant discovery of molybdenum through drilling at its Kalkaroo deposit…