Posted on 08/08/2024
Echelon Resources Limited (ASX: ECH) notes the press release by Triangle (ASX:TEG; 50%) the Operator of the L7 permit. The Ventia 106 rig has completed drilling the Booth-1 well and reached a total depth of 2,812m MD just before 9am AWST on the 7th August 2024.
The key prospective reservoirs of the Cattamarra, Dongara and Kingia have all been drilled and no moveable hydrocarbons have been intersected.
The well will be plugged and abandoned over the next few days. “No cigar” says Echelon CEO, Andrew Jefferies, “a well drilled well, safe, under time and I’d expect under budget, but not the success we all fervently hoped for.
I would like to thank the Operator, rig company, crew and all the other parties who have been working so hard to help us answer the question at Booth. Nature has clearly answered. It was a good area, good structure, just no hydrocarbons. I wish the team well with the final operations and demobilisation of the rig.
I look forward to working with the JV to get after the independent shallower Becos prospect across in EP437 in the next wee while.” The L7 permit joint venture comprises Triangle (ASX: TEG: 50% and Operator); Echelon (25%) and Strike Energy Ltd (ASX: STX; 25%)