Image source: Shutterstock

Highlights

  • Triangle Energy begins drilling Becos-1 well in Western Australia’s Perth Basin, targeting up to 21MMbbl of oil.

  • Joint venture includes Strike Energy and Echelon Resources, each holding a 25% stake.

  • Success at Becos-1 could unlock further drilling, including a third potential well, MH-28.

Triangle Energy Global Ltd (ASX:TEG) has officially spudded the highly anticipated Becos-1 exploration well in the Perth Basin, marking the second well in its ongoing campaign in one of Australia’s most prospective oil regions.

The well is being drilled within the EP 437 permit area, where Triangle operates with a 50% stake alongside joint venture partners Strike Energy (ASX:STX) and Echelon Resources (ASX:ECH), both holding 25% interests.

“We are excited to spud the Becos-1 well as the second well in our Perth Basin campaign, which demonstrates our continued commitment to exploration in this highly prospective basin,” said Triangle’s Managing Director, Conrad Todd.

Targeting Up to 21 Million Barrels

The onshore well is aimed at a fault-bounded structure and comes with a pre-drill oil estimate ranging from 1 million barrels (MMbbl) in the low case to 21MMbbl in the high case, with a best estimate of 5MMbbl. Geological studies have given the project a 20% chance of success.

Becos-1’s main exploration targets are the Arranoo and Bookara sandstones, anticipated to be encountered at depths between 700 and 800 metres. The total planned depth for the well is 1,164 metres, with drilling and logging activities expected to be completed by around April 20.

The well will also probe deeper formations, including the early Permian section, where the company hopes to potentially intersect other prospective reservoirs such as the Kingia formation.

Looking Ahead to a Third Well

Triangle Energy has flagged a possible third well, MH-28, as a continuation of its exploration momentum in the Perth Basin. According to the company, MH-28 has been assessed as a “high-grade” prospect with multiple targets for both oil and gas, and a potentially significant near-basement gas play.

The decision on whether to drill MH-28 will follow the results of Becos-1. The company’s previous well in the campaign, Booth-1, was drilled in August 2024 but was plugged and abandoned after failing to identify moveable hydrocarbons.