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.