Triangle Energy (TEG) has been awarded a rig contract to drill Becos-1 – but defying mid-late October’s guidance, it mightn’t be until March 2025.
Last month, the Perth Basin oil producer said it would expect drilling to commence by late December. That’s no longer the case, but in Triangle’s defence, it appears the company couldn’t do much about it.
“Whilst the delivery of the rig is later than we would have liked, Triangle understands the reasons for the timing and is pleased to have a firm contract for the rig,” Triangle chief Conrad Todd said.
What drillers will ultimately chase is a hydrocarbon deposit system believed to be present in the Perth Basin sandstones.
Triangle joins a JV alongside subsidiaries of Strike Energy (ASX:STX) and Echelon Resources (ASX:ECH) in developing the asset; recent sales of other assets to Pilot Energy (ASX:PGY) have allowed Triangle to fund itself to drilling.
In the JV, TEG is the dominant stakeholder at 50%; Strike and Echelon subs both hold 25% each.
“Triangle considers Becos a compelling target both in terms of the potential resource and the chance of success,” Conrad added.
At least one HotCopper user in the announcement thread pointed out the delay to schedule, but portrayed themselves as satisfied with progress regardless.
TEG last traded at 0.7cps.
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