Triangle review confirms 18 oil prospects for L7

Triangle Energy has completed a review of the prospects and leads portfolios within the L2 (R1) licence (L7) in Western Australia, which it holds a 50 per cent interest in.

In January the company entered into an agreement with Key Petroleum where Triangle would acquire an additional 50 per cent joint venture interest in L7m, brining its total interest to 100 per cent.

As part of its review, the historical well results in the area were reviewed in detail, and an up-to-date petrophysical analysis of the wells was undertaken, and the mapping performed by Key, as operator, was reviewed.

A portfolio of some 18 oil opportunities and four gas leads have been confirmed from the review. These prospects and leads will be evaluated for drilling with the Booker 3D seismic survey that is planned to be acquired in December 2021/January 2022.

The Mount Horner/Bookara Shelf area is an oil prone part of the north Perth Basin as evidenced b the Mt Horner oil and field and oil shows in wells in the area.

Triangle outlined that the oil targets in L7 range from low-risk Mt Horner infill wells, lower Jurassic exploration, moderate risk Wagnia/Dongara formation exploration, higher risk Permian exploration.

The company’s geological review also confirmed the correlation of the Permian Kingia and High Cliff formation sandstone reservoirs, that are proven in the Waitsia and West Erregulla gas discoveries to the south, into wells in L7.

Triangle expects that a multi-well oil exploration and appraisal well program could be delivered from the Booker 3D seismic survey.

Gas exploration targets in the Permian, at the same geological level as Waitsia, West Erregulla and Beharra Deep field and the objective of the Lockyer Deep well, are also confirmed.

These Permian gas leads provides valuable additional gas exploration play to the previously identified oil targets in L7.

In addition, the L7 and EP37 joint venture are working though the final planning phase of the Bookara 3D seismic survey and are targeting commencement of the survey immediately following the harvest season.

Managing director Robert Towner said it is exciting to see the potential that the company perceived in L7 when it farmed-in start to come to fruition.

“The acquisition of the Bookara 3D seismic survey will mark a significant milestone in unlocking the value in the Booker shelf opportunity which complements our strategy offshore with Cliff Head, TP15 and WA-481-P,” he said.