Triangle Energy (Global) (ASX:TEG), on behalf of the EP 437 joint venture, signed a contract to secure the Silver City Rig 24 drilling rig for the upcoming Becos-1 exploration well in Western Australia's Perth Basin, according to a Tuesday filing with the Australian bourse.
The rig is set to mobilize to the well site by March 2025, targeting a range of resources from 1 million barrels to 21 million barrels, with a best estimate of 5 million barrels and a 20% chance of success, the filing said.
Triangle Energy owns a 50% stake in the EP 437 JV, while Strike Energy's (ASX:STX) subsidiaries and Echelon Resources (ASX:ECH) each hold 25%, according to the filing.
Strike Energy shares fell more than 2% in morning trade Tuesday.
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