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- Triangle Energy Global (ASX:TEG) uncovers promising new oil and gas opportunities in its Perth Basin acreage
- The company’s interpretation of the Bookara 3D seismic survey in Block L7 and EP 437 has revealed 12 new oil prospects
- The 11 prospects in Block L7 hold combined Best Estimate Prospective Resources of 36MMbbl gross
- Triangle plans to drill its Booth-1 and Becos-1 prospects in the first half of 2024
- TEG last traded at 2.7 cents
Triangle Energy Global (ASX:TEG) has uncovered promising new oil and gas opportunities in its Perth Basin acreage.
The company’s interpretation of the Bookara 3D seismic survey in Block L7 and EP 437 has revealed 12 new oil prospects, reinforcing the previously announced gas potential in the region.
The 11 prospects in Block L7 hold combined Best Estimate Prospective Resources of 36 million barrels of oil (MMbbl) gross.
Triangle holds a 50 per cent interest and operatorship in the joint venture, equating to 18 MMbbl net to the company. ASX-lister Strike Energy (ASX:STX) and New Zealand Oil and Gas split the remaining 50 per cent holding.
“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,” Triangle Managing Director Conrad Todd said.
Located within Block L7 is the Booth prospect. Recent drilling results suggest the Dongara reservoir within the Booth prospect may contain oil or gas, with Best Estimate Prospective Resources of 8.5 MMbbl oil or 19 Bcf gas. Triangle plans to target this prospect with the Booth-1 well in the first half of 2024.
The adjacent EP 437 permit hosts the Becos oil prospect, offering a more feasible drilling option due to its smaller size. Becos holds a Prospective Resource range of 1 MMbbl to 21 MMbbl, with a mid-case estimate of 5 MMbbl oil gross. Becos-1 is also scheduled for drilling in the first half of 2024.
TEG last traded at 2.7 cents.
