Triangle Energy’s Booth-1 Drilling: A Historic Milestone in the North Perth Basin

Triangle Energy is poised to make a significant impact in the North Perth Basin with the upcoming Booth-1 drilling, marking the first well to be drilled in the company’s permits in 30 years. This report outlines the key aspects of the drilling program, including prospective resources, drilling timelines, and future plans.

Table of Contents

• Introduction to Triangle Energy and Booth-1
• Historical Context of the Booth Prospect
• Overview of Key Oil and Gas Targets
• Understanding the Kingia Highcliff Sandstone
• Exploring the Dongara Sandstone
• The Role of Katamara Coal Measures
• Drilling Depth and Timeline Expectations
• Logistics of Mobilizing the Ventia 106 Rig
• Future Prospects: The Becos Project
• Third Well Opportunities in Collaboration with Partners
• Conclusion and Expectations for the Back Half of the Year
• FAQs about Triangle Energy’s Drilling Plans

Introduction to Triangle Energy and Booth-1

Triangle Energy is making waves in the North Perth Basin with its groundbreaking Booth-1 drilling project. This initiative represents a significant milestone for the company, as it marks the first well to be drilled within Triangle’s permits in three decades.

Strategic Shift and Permit Acquisition

Triangle Energy’s journey to this point began with a strategic shift in management about two and a half years ago. The company quickly identified the L7 Joint Venture permit as the most promising asset in its portfolio.

• Acquired remaining 50% interest from Key Petroleum
• Bought out existing royalty
• Consolidated full ownership of the permit

Technological Advancements

The decision to drill Booth-1 wasn’t made lightly. It came after careful evaluation and technological upgrades to ensure the highest chances of success.

• Replaced old 2D seismic data
• Acquired high-quality 3D seismic imaging
• Conducted comprehensive two-year evaluation

Historical Context of the Booth Prospect

The Booth Prospect has a rich history within the North Perth Basin, and its potential has long been recognized by industry experts. Triangle Energy’s decision to drill Booth-1 represents the culmination of decades of geological study and technological advancement.

Previous Exploration Efforts

While the area has been of interest for many years, previous exploration efforts were limited by technological constraints. The last well drilled in Triangle’s permits was over 30 years ago, using now-outdated methods and equipment.

• Limited by old 2D seismic technology
• Incomplete understanding of geological structures
• Focus on other assets in the region

Renewed Interest and Modern Techniques

The advent of advanced 3D seismic imaging has revolutionized the understanding of the Booth Prospect. This new data has revealed previously unseen geological features and potential reservoirs.

Triangle Energy’s commitment to utilizing cutting-edge technology has breathed new life into this historic prospect. The company’s thorough two-year evaluation process has built upon decades of accumulated knowledge, setting the stage for what could be a transformative drilling program.

Significance for the North Perth Basin

The Booth-1 well represents more than just a single drilling project. It symbolizes a renewed interest in the North Perth Basin’s potential and could pave the way for further exploration and development in the region.

• Potential to unlock new hydrocarbon resources
• May attract additional investment to the area
• Could lead to economic benefits for local communities

Overview of Key Oil and Gas Targets

Triangle Energy’s Booth-1 drilling project aims to explore multiple promising oil and gas targets within the North Perth Basin. This strategic endeavor could potentially extend the exciting Kingia gas play northward, marking a significant development in the region’s energy landscape.

Multiple Target Formations

The Booth-1 well is designed to investigate several key geological formations. Each target offers unique potential for hydrocarbon discovery, contributing to the well’s overall prospective resource estimate.

• Kingia-High Cliff reservoirs (primary target)
• Dongara sandstones
• Cattamarra Coal Measures sandstones

Impressive Prospective Resource Estimates

The Booth Prospect boasts substantial prospective resource estimates, underscoring its potential significance in the energy sector. These figures highlight the project’s capacity to impact Triangle Energy’s portfolio significantly.

• Total range: 113 Bcf to 540 Bcf
• Best Estimate: 279 Bcf (Gross 100%, on-block)

Understanding the Kingia Highcliff Sandstone

The Kingia Highcliff sandstone formation stands out as the primary target for the Booth-1 well. This geological structure has proven highly productive in other fields within the Perth Basin, making it a focal point of Triangle Energy’s exploration efforts.

Proven Productivity in Neighboring Fields

The Kingia Highcliff sandstone has demonstrated its potential through successful gas production in several nearby fields. This track record bolsters confidence in the Booth-1 well’s prospects.

• Waitsia gas field
• Lockyer Deep
• North Erregulla Deep
• West Erregulla

Enhanced Reservoir Parameters

Triangle Energy’s analysis suggests that the Kingia Highcliff sandstone at the Booth-1 location may offer even more favorable conditions than in previously explored areas. This optimism stems from the geological positioning within the basin.

The reservoir parameters at Booth-1 are expected to be superior due to its location in the shallower end of the basin. This positioning could lead to improved porosity, permeability, and overall reservoir quality, potentially enhancing production capabilities if hydrocarbons are discovered.

Strategic Importance

Success in the Booth-1 well could have far-reaching implications for Triangle Energy and the broader North Perth Basin. It would not only validate the company’s exploration strategy but also potentially open up new avenues for resource development in the region.

• Prove northern extension of Kingia gas play
• Enhance understanding of basin geology
• Potentially increase regional exploration interest

Exploring the Dongara Sandstone

The Dongara Sandstone represents a significant secondary target for the Booth-1 well, located approximately 500 meters above the primary Kingia Highcliff formation. This geological layer has historically yielded both oil and gas resources in the North Perth Basin.

Potential for Oil and Gas

The Dongara Sandstone’s versatility adds an intriguing element to the Booth-1 project. While the presence of hydrocarbons is anticipated, the specific type remains uncertain.

• Historical production of both oil and gas
• Uncertainty adds exploration excitement
• Oil discovery could increase project value

The Role of Katamara Coal Measures

Above the Dongara Sandstone lies the Katamara Coal Measures, a shallower formation that adds another layer of potential to the Booth-1 well. This target further diversifies the well’s prospects and could contribute to its overall resource potential.

Shallow Target with Promise

The Katamara Coal Measures’ relatively shallow depth makes it an attractive additional target. Its inclusion in the drilling program demonstrates Triangle Energy’s comprehensive approach to resource exploration in the North Perth Basin.

Drilling Depth and Timeline Expectations

Triangle Energy’s Booth-1 drilling project is set to commence with a strategic approach to reach its target depths. The operation involves a complex process with specific timelines and technical considerations.

Spudding and Mobilization

The drilling operation is expected to begin around July 31st. This follows an extensive mobilization period, showcasing the scale of the project.

• Approximately 10 days for mobilization
• Over 100 trucks involved in the process
• Demonstrates logistical complexity of the operation

Initial Drilling Phase

The first stage of drilling focuses on preparing the well for its deviated path. This phase is crucial for reaching the targeted formations efficiently.

• Drill out 13 3/8-inch steel casing
• Set 9 5/8-inch casing above Katamarra Coal Measures
• Estimated 5-6 days for this phase

Well Deviation and Target Depth

The Booth-1 well employs a sophisticated S-shaped drilling path. This technique allows for optimal positioning to access the target formations.

• 800 meters deviation to the southeast
• Final measured depth of 2,900 meters
• True vertical depth of 2,670 meters

Timeline for Completion

The entire drilling operation is expected to span approximately three weeks. This timeline accounts for the various phases of drilling and potential adjustments.

Investors should note that while this timeline is based on careful planning, unforeseen geological conditions or technical challenges could impact the actual duration.

Logistics of Mobilizing the Ventia 106 Rig

The mobilization of the Ventia 106 rig for the Booth-1 well is a significant undertaking, highlighting the scale and complexity of Triangle Energy’s operation. This process involves extensive planning and resources to ensure the rig is safely and efficiently transported to the drilling site.

Scale of Transportation

The sheer magnitude of the rig mobilization underscores the substantial investment and commitment to the Booth-1 project. It’s a testament to Triangle Energy’s dedication to thorough exploration.

• Over 100 trucks required for transportation
• Demonstrates the size of the Ventia 106 rig
• Highlights logistical challenges in onshore drilling

Timeline and Coordination

Efficient mobilization is crucial for maintaining the project schedule. The process requires meticulous planning and execution to ensure all components arrive safely and on time.

• 10-day mobilization period
• Coordinated movement of multiple vehicles
• Precise scheduling to align with drilling start date

Safety and Environmental Considerations

Triangle Energy prioritizes safety and environmental responsibility throughout the mobilization process. This commitment extends from the transportation phase through to the drilling operation.

The company implements strict protocols to minimize the environmental impact of the rig’s movement and setup. These measures are designed to protect local ecosystems and comply with regulatory requirements.

Community Impact

The mobilization of such a large rig inevitably impacts local communities. Triangle Energy works to manage these effects responsibly.

• Communication with local authorities
• Traffic management plans
• Potential economic benefits for local services

Investors should recognize that successful rig mobilization is a critical first step in the Booth-1 drilling project. It sets the stage for the exploration phase and demonstrates Triangle Energy’s capability to manage large-scale operations in the North Perth Basin.

Future Prospects: The Becos Project

Triangle Energy is not resting on its laurels with the Booth-1 well. The company is actively advancing its exploration efforts with the promising Becos prospect, leveraging newly acquired 3D seismic data to refine its drilling plans.

From 2D to 3D: Enhancing Prospect Definition

The Becos prospect was initially identified using older 2D seismic technology. Triangle Energy has since conducted a 3D seismic survey, extending coverage from the L7 permit into the western part of EP 437.

• 3D seismic data sharpens prospect definition
• Extends coverage into EP 437 permit
• Enhances understanding of geological structures

Becos: An Oil-Focused Shallow Target

Unlike the deeper gas targets at Booth-1, the Becos prospect presents a compelling opportunity for oil exploration. Its shallower depth offers several advantages for drilling operations.

• Approximately 1,000 meters deep
• Primary focus on oil resources
• Allows for use of smaller, more cost-effective rigs

Drilling Timeline and Logistics

Triangle Energy is making steady progress towards drilling the Becos-1 well. The company is finalizing necessary preparations while eyeing a potential spud date in the near future.

• Environmental permissions in final stages
• Rig selection underway
• Targeting Q4 2023 for drilling commencement
• Estimated 15-day drilling duration

Strategic Importance of Becos

The Becos prospect represents a significant diversification of Triangle Energy’s exploration portfolio. Its focus on oil complements the gas-centric Booth-1 well, potentially offering a balanced resource mix for the company.

Success at Becos could open up new avenues for Triangle Energy, potentially leading to near-term production opportunities given its shallower depth and focus on oil resources.

Third Well Opportunities in Collaboration with Partners

Triangle Energy’s exploration strategy extends beyond the Booth-1 and Becos-1 wells. The company has secured a favorable farm-in agreement with partners New Zealand Oil and Gas and Strike Energy, paving the way for a third well in the L7 permit.

Farm-in Agreement Benefits

This collaborative approach allows Triangle Energy to pursue additional exploration while managing financial risk. The agreement’s structure provides significant advantages for the company.

• Partners to pay promoted share of costs
• Reduces Triangle Energy’s financial exposure
• Enables exploration of additional prospects

Two Promising Targets Under Consideration

The farm-in agreement presents Triangle Energy with two intriguing options for the third well location. Each target offers unique potential and aligns with different aspects of the company’s exploration strategy.

Option 1: Huntsville Deep

• Located near the Booth-1 well
• Targets Kingia Highcliff formation
• Potential to extend gas play success

Option 2: Up-dip from Mount Horner-2

• Revisits previously drilled structure
• Targets Dongara formation
• High probability of encountering oil

Mount Horner-2 Revisited

The potential to drill up-dip from the Mount Horner-2 well presents a particularly exciting opportunity. New 3D seismic data has revealed critical information about the structure’s geometry.

• Previous well tagged edge of structure
• Oil shows in Dongara formation
• High confidence in up-dip oil accumulation

Strategic Decision-Making Process

The choice between these two targets will likely depend on the results of the Booth-1 and Becos-1 wells. Triangle Energy’s decision will balance factors such as resource type, geological confidence, and alignment with overall portfolio strategy.

This third well opportunity demonstrates Triangle Energy’s commitment to thorough exploration of the North Perth Basin. It showcases the company’s ability to leverage partnerships and new data to maximize the value of its permit holdings.

Conclusion and Expectations for the Back Half of the Year

Triangle Energy is poised for a busy and potentially transformative second half of the year. The company’s strategic drilling plans are set to generate significant news flow and activity in the coming months.

Key Milestones Ahead

Investors can anticipate several crucial developments as Triangle Energy advances its exploration program. These milestones could significantly impact the company’s future prospects.

• Commencement of Booth-1 drilling
• Results from Booth-1 well
• Progress on Becos-1 well preparations
• Decision on third well location

Potential for New Ventures

Beyond its current projects, Triangle Energy hints at additional opportunities on the horizon. The company’s proactive approach suggests potential for further expansion and diversification.

FAQs about Triangle Energy’s Drilling Plans

As Triangle Energy embarks on its ambitious drilling program, investors may have questions about the company’s strategy and expectations. Here are some frequently asked questions to provide clarity.

Q: What is the timeline for the Booth-1 well?

A: Drilling is expected to commence around July 31st and last approximately three weeks.

Q: How does the Becos prospect differ from Booth-1?

A: Becos is a shallower, oil-focused target, while Booth-1 primarily targets deeper gas formations.

Q: What factors will influence the choice of the third well location?

A: The decision will likely depend on results from Booth-1 and Becos-1, balancing resource type and geological confidence.