ACOR To Drill in South Australia
Australian-Canadian Oil Royalties Ltd. (ACOR) has agreed to contract with Terrex Seismic and acquire approximately $AU850,000 worth of new 2-D seismic data on the concession to locate precise drilling locations on ACOR's vast working interest holdings on Petroleum Exploration License 108, 109 & 112. ACOR management has also retained the services of a well-known Geophysicist for the Cooper/Eromanga Basin, Mr. Andy McGee to interpret the data after it is processed.
The seismic will be shot sometime between April & June 2005. ACOR's technical staff has already identified 49 leads on PEL 112, 19 leads on PEL 108, & 17 leads on PEL 109 from the old seismic data. PEL 108 has a huge undrilled anticline that covers almost 122,000 acres with approximately 500' of closure. The closest anticline of that size in the basin is the Tirrawarra Oil Field with approximately 12,000 acres in size and 540' of closure.
The Tirrawarra Oil Filed was discovered in 1970 and has already produced approximately $US814,000,000 worth of oil, gas and associated hydrocarbons with estimated remaining reserves of 70,000,000 barrels of oil and 350 Billion cubic feet of gas.
South Australia Cooper-Eromanga Basin
The Cooper Basin (including the overlying Eromanga basin) is Australia's largest onshore oil and gas basin and a world class hydrocarbon province. To date, a total of 11 trillion cubic feet of gas and 320 million barrels of oil have been discovered, including 8.3 trillion cubic feet of gas and 130 million barrels of oil in the South Australian sector.
Since the first gas discovery in 1963, a total of 123 gas fields and 58 oil fields have been discovered in the South Australian sector.
The Santos/Exxon et al Producing Block
The Santos/Exxon et al Producing Block is Australia's largest onshore producing block and is located in South Australia. The Santos/Exxon Producing Block originally consisted of approximately 29,000,000 gross acres and is reportedly making approximately $A930,000,000 per year in oil, gas, & associated hydrocarbons.
1st Time in approximately 40 years
A phased acreage release program commenced in February 1998, when all of the exploration acreage held by the Santos/Exxon et al Producing Block since 1954 expired without right of renewal, unless held by production. This was a fantastic opportunity for junior independent oil companies, like ACOR to be able to explore this highly prolific region. In 2000, ACOR was the successful bidder on the ex Santos/Exxon acreage, now called PEL 108, 109, & 112.
Cooper Energy, a new junior oil company had its 1st discovery, the Sellicks-1 in July 2002. This initial discovery was followed by the Christies-1 oil discovery in July 2003. Both the Sellicks and Christies oil fields adjoin ACOR's PEL 112 to the North.
Then Cooper Energy moved over to the adjoining block East of ACOR's PEL 112 and made the Worrior-1 oil discovery in September 2003.
Below are some recent discoveries adjoining to the North and East of PEL 112
Sellicks-1 Initial Potential 2160 Barrels Oil Per Day Christies-1 IP 500 BOPD Christies-2 IP 1960 BOPD Christies-3 IP 2397 BOPD Worrior-1 IP 5390 BOPD Worrior-2 IP 2000 BOPD
A discovery like any of these on PEL's 108, 109 or 112 with ACOR's 50% working interest could be a "Company-Maker" for ACOR.
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