The Joint Venture, comprising Triangle Energy (Global) Limited (Triangle Energy / the Company) (ASX:TEG) 50%, Talon Energy Ltd (ASX:TPD) 25% and New Zealand Oil and Gas Ltd (ASX:NZO) 25% has placed an order for Long Lead Items (LLI’s) for the drilling of two of the three wells planned for drilling in the permits as part of the farm-in.
Discussions are underway with other operators in the basin to secure rig slots to drill the two most likely wells being the Booth Prospect and the Becos prospect.
The Booth prospect, located in the east of L7, is planned to be the first well in the upcoming drilling campaign, with the second well to be the Becos prospect in EP 437. Several other attractive gas prospects located in the L7 permit are also candidates for the 2024 drilling program. Notable is Huntswell Deep, which is a previously unmapped structure that has been identified on the Bookara 3D, and Mountain Bridge South, located in the southern portion of L7. Recent and ongoing evaluation of the seismic data has identified a large basement high underlying the MH-2 Updip prospect.
Further additional gas prospects have been identified in permit L7 and are presently being refined and added to the current list of prospects. Furthermore, the extensive oil potential of L7 is presently being evaluated and resource estimates calculated.
The Base Kockatea map shows the permits have a similar structural configuration to areas around the nearby Lockyer Deep and Waitsia gas fields. There are numerous structures at the same reservoir levels as those fields and the nearby Dongara gas field.
The Kingia Depth Structure Map gives a more detailed picture of the prospects at the main reservoir, the Kingia sandstone, level.
On drill timing, a number of potential opportunities are beginning to present themselves as the active exploration programmes of other operators unfold. While no firm dates are yet set, we believe there is potential to secure a suitable rig in the 1st half of 2023. Having Long Lead items will enable the JV to move swiftly when a rig opportunity presents.
The Managing Director, Mr. Conrad Todd said “I am pleased to report to shareholders that the Joint Venture is progressing the drilling planning for the wells having committed to purchase of the Long Lead Items and is also progressing the environmental applications and rig negotiations. In addition, following further seismic processing and data enhancement further prospectivity at both the Jurassic and Permian interval has been identified.”
