Triangle Energy secures environmental approval for Becos-1 well

Triangle Energy (Global) (ASX:TEG) received approval for an environmental plan for its Becos-1 well, a milestone in its joint venture with Strike Energy (ASX:STX) and Echelon Resources (ASX:ECH).

The approval clears the path for drilling the Becos-1 well, a commitment well under the EP 437 permit title.

The primary target of the drilling operation is oil in the Bookara and Arranoo reservoirs.

The reservoirs, previously encountered during the drilling of the Wye-1 well in 1996, have prospective resource estimates ranging from 1 million barrels of oil in the low estimate to 21 MMbbl in the high estimate, with a best estimate of 5 MMbbl recoverable.

According to Triangle, the company is currently evaluating rig tenders and anticipates making a decision within the next few weeks.

The approval of the EP allows for the commencement of drilling as soon as a rig is secured.

"We are looking forward to drilling the attractive Becos-1 in the North Perth Basin. The joint venture will update the market as soon as a rig contract has been concluded with further information on the well. Some preliminary discussions have been held and it is anticipated a decision will be made within the next few weeks," said Conrad Todd, Managing Director of Triangle Energy.

Triangle Energy (Global) is an oil production and exploration company focused on the production and selling of oil from its Cliff Head producing oil field. Its projects include the Cliff Head oil field, the PL231 conventional gas project, and the Mount Horner Project.