Triangle Energy's new drilling venture

Triangle Energy (Global) (ASX:TEG) has secured a rig contract for the Becos-1 well in the onshore Perth Basin permit EP 437. The Silver City Rig 24 is set to begin operations by March 2025. Triangle Energy holds a 50% stake in the joint venture, with Strike Energy and Echelon Resources holding the rest.

Triangle Energy's exploration strategy and outlook

Triangle Energy has announced a rig contract for the Becos-1 well in the Perth Basin, with operations to start by March 2025. Holding 50% interest in the EP 437 joint venture, Triangle Energy is fully funded and targets resources between 1 MMbbl and 21 MMbbl. The project's primary geological targets are Arranoo and Bookara sandstones, with additional potential in the Kingia sandstone. Triangle is backed by recent financial inflows, ensuring readiness for the drilling campaign. The company's strategic moves aim to enhance its exploration footprint in the Perth Basin, supported by its joint venture partners.

Executive insights from Triangle Energy

Managing Director Conrad Todd expressed satisfaction with the rig contract, acknowledging the delay in rig delivery but emphasizing the project's potential and Triangle's preparedness for the drilling campaign.