Triangle Energy (ASX: $TEG) Booth-1 Drilling Results

Triangle Energy Global Ltd (ASX: $TEG) has announced that the Booth-1 well, part of the L7 Joint Venture with Strike Energy (ASX: $STX) and Echelon Resources (ASX: $ECH), has reached its total depth of 2812m measured depth (md) in the North Perth Basin. Unfortunately, no moveable hydrocarbons were discovered in the Kingia, Dongara, and Cattamarra targets.

Triangle Managing Director's Response to Booth-1 Results

Triangle Managing Director, Conrad Todd, expressed disappointment at the lack of hydrocarbon discovery in the Booth-1 well. He acknowledged the efficient and cost-effective drilling operation, which will reduce the net cost to the Joint Venture and Triangle. Todd also highlighted the shift in focus to the upcoming Becos-1 well in the adjacent EP 437 permit and the assessment of the impact of the Booth-1 well on the remaining prospectivity of the L7 permit.

Summary of Triangle Energy's Announcement

Triangle Energy (ASX: $TEG) reported that the Booth-1 well in the North Perth Basin reached total depth without encountering moveable hydrocarbons. Despite the disappointment, the efficient drilling operation is expected to reduce costs for the Joint Venture and Triangle. The company will now turn its attention to the upcoming Becos-1 well and assess the impact of the Booth-1 results on the remaining prospectivity of the L7 permit.