Seismic data from the Perth Basin has unveiled four high-graded oil and gas targets within two permits for a joint venture led by WA-based producer Triangle Energy.
The promising revelations have prompted the company to schedule a drilling campaign for three of the targets in first half of next year. It is also planning work to further define the identified targets, in addition to adding others to the list.
To eliminate exploration risk associated with drilling at its L7 and EP 437 permits, Triangle initially bought a suite of 3D seismic data, known as “Bookara”, to cover both of them.
The company, which holds a 50 per cent stake in the three-way venture, has now generated the preliminary targets using the data and shared the new information with its partners, Talon Energy (25 per cent) and New Zealand Oil & Gas (25 per cent). The latter pair will provide technical input for the ongoing work.
Two gas targets have been lined up for drilling within the L7 permit, while an attractive oil prospect within EP 437 will also be drilled.
The JV has been buoyed by the fact that the prospects lie in close proximity to big gas discoveries to the site’s south. They include the Lockyer Deep discovery, which is currently being drilled, and the Waitsia and Dongara gas fields.
Some of the prospects extend beyond the borders of the permits and Triangle believes that will add monetary value to the portion within its ground. Management also says the fact that the Dampier Bunbury natural gas pipeline passes through the L7 permit will also help significantly reduce development costs.
Stretching across 1500km, the pipeline is Australia’s longest natural gas pipeline and is one of WA’s most critical pieces of infrastructure in the energy sector. It carries natural gas to customers across the State.
Triangle Energy managing director Conrad Todd said: “The joint venture will now undertake further interpretation and in-depth technical studies in order to fully evaluate the potential of these prospects and to refine further prospects and leads identified within these permits.”
Some of that work will go towards trying to refine seven additional prospects that have been uncovered in L7. Triangle plans on presenting more definitive information to the JV once further interpretation is completed.
L7 is positioned south of Geraldton in the Perth Basin and earlier work by Triangle suggests it holds a best-case prospective resource of 617 billion cubic feet of gas within five key features. EP 437 is an onshore basin positioned on the flank of the North Perth Basin and runs adjacent to the Dongara oil and gas field, which is also near Geraldton in the State’s Great Northern region.
Triangle says the farmout deals with its partners covered the costs of acquiring and processing its Bookara 3D seismic project and and will also help fund the vast majority of planned exploration across its zones.
With the trio of new targets locked in for drilling, the JV will be hoping to beef up its numbers before priming the drill bit as it looks to get its teeth into another money-spinner.
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By Steve Kaless
