Triangle rig mobilizing for Booth well in Perth Basin

Triangle Energy announced that the L7 Joint Venture comprising Triangle, Strike Energy and New Zealand Oil and Gas has taken receipt of the Ventia 106 rig, which will drill the Booth-1 well in the North Perth Basin. Triangle, as Operator, will move the rig to the site over the next 10 days, and expects the well to be spudded on or about 31 July.

The Booth prospect hosts multiple oil and gas targets, with a Prospective Resource range of 113 billion cu ft of gas to 540 billion cu ft with a Best Estimate of 279 billion cu ft (Gross 100%, on-block). The well has
a prognosed total measured depth of 2,900 m and is expected to take around three weeks to drill.

The well will deviate 800m to the south-east from the surface location to intersect the three prospective
reservoirs that are offset in depth and will have a true vertical depth of 2,670 m.