Triangle Energy (ASX: $TEG) announces rig mobilization for Booth-1 well

Triangle Energy Global Ltd (ASX: $TEG) has received the Ventia 106 rig to drill the Booth-1 well in the North Perth Basin. The rig is expected to be ready to commence drilling in approximately 10 days, with spudding anticipated to occur around 31 July 2024. The Booth Prospect comprises multiple oil and gas targets, with a total Prospective Resource range of 113 Bcf to 540 Bcf with a Best Estimate of 279 Bcf (Gross 100%, on-block).

Executive Commentary on Booth-1 Well and Future Drilling Plans

Receipt of the Ventia 106 rig is an important milestone for Triangle, putting us on track to spud the eagerly awaited Booth-1 well in the next two weeks. This will be the first well drilled in our permits for 30 years. In tandem with drilling the Booth-1 well, we are progressing drilling plans for the Becos-1 well in the EP 437 permit. These will be the first two wells drilled to test the many targets identified using the new 3D seismic data that was acquired over these permits.

Summary of Triangle Energy (ASX: $TEG) Announcement

Triangle Energy (ASX: $TEG) has received the Ventia 106 rig to drill the Booth-1 well in the North Perth Basin, with spudding anticipated to occur around 31 July 2024. The Booth Prospect comprises multiple oil and gas targets, with a total Prospective Resource range of 113 Bcf to 540 Bcf with a Best Estimate of 279 Bcf (Gross 100%, on-block). In addition, discussions are underway to secure a rig to drill the Becos Prospect in the EP 437 Permit. Triangle's Managing Director, Conrad Todd, highlighted the significance of this milestone and the company's plans for future drilling, emphasizing the use of new 3D seismic data to identify targets. The company continues to assess acquisition prospects to expand its portfolio of assets.