Apache Spuds Fur Seal-1 Well Offshore Australia

Ocean Patriot
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VIC - P54, Gippsland Basin
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Gippsland Basin
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Australian-Canadian Oil Royalties reports that the Ocean Patriot has spud the Apache operated Fur Seal-1 well in permit VIC/P54 offshore Australia.

VIC/P54 -- The Fur Seal-1 well spudded in 58 meters of water and will test a prospect well defined by 3D seismic data between existing oil and gas discoveries at Moonfish and Sunfish. The well is expected to be drilled to a depth of 2612 meters and will target the Intra Latrobe reservoir beds sub-cropping against a large Eocene submarine channel. The prospect has the potential to contain mean reserves of 29 million barrels of oil, if hydrocarbons are present. ACOR owns a 1/20th of 1% ORRI.

VIC/P45 -- The WI partner has announced the location for the next well to be drilled on VIC/P45. The location is called, the Scampi Prospect. The Scampi Prospect is based on stacked sands at the Top Latrobe level, with further stacked pay potential mapped down to a four-way dip closure at Top Golden Beach level. Scampi is considered by the operator to be a relatively low-risk play with an interpreted well-defined structural closure, the potential for high quality reservoirs and proximity to proven hydrocarbon charge. The primary target depth for Scampi is about 2700m.

The prospect has the potential to contain mean reserves of 34 million barrels of oil, if hydrocarbons are present at the Scampi prospect. There is further potential in the various deeper zones of this prospect. Both porosity and permeability at the Scampi location are assessed to be favorable, as evidenced by the same zones penetrated in the nearby oil discovery well, Archer-1, located to the immediate west, also in VIC/P45.

The WI partner stated that the purpose in drilling the Scampi prospect is two-fold:

    1. To test the Scampi prospect's ability to contain oil.

    2. If Scampi does contain oil, then Scampi could form the nucleus
       for a hub of development of both the Scampi Prospect and the
       known Archer oil accumulation, and any other oil that might
       subsequently be discovered in the fault blocks in the vicinity
       of the known Archer discovery.

An extension of Year 3 of VIC/P45 to May 2006 has been received from the Designated Authority. The WI partner states that a well could be drilled on VIC/P45 by May 2006, subject to rig availability, joint venture and other necessary approvals. ACOR owns a 1/20th of 1% ORRI.

VIC/P53 -- The WI partner of VIC/P53 has completed the shooting of 524 km2 of high resolution 3D seismic data in VIC/P53 earlier this year at an estimated cost of $US5,000,000. The seismic shoot was an important milestone for VIC/P53, as it represented the first acquisition of a dedicated 3D seismic program over an area that, while located in the heart of the producing Gippsland Basin, is in many respects a frontier area. The VIC/P53 permit has the scope to be the location of a high impact feature at top Latrobe level. The frontier nature of the VIC/P53 Permit is highlighted by the fact that, although it is in the core of the producing area, there has not been a well drilled within the permit area during the last 20 years.

Over this period, seismic technology and computer power have both improved dramatically. These aspects, when taken together with the strategic geological location of VIC/P53, support the ACOR management view that there is potential to uncover new Top and intra Latrobe oil and gas plays on VIC/P53. One of the prime purposes of 524 km2 3D seismic survey in VIC/P53 was to investigate the area to the east of the Veilfin-1 well, which produced oil and gas shows, referred to as the Bazzard Lead.

The WI partner is now processing the seismic data and will employ leading interpretation and depth conversion experts to interpret the data and to carry out detailed depth conversion calculations. By early 2006, the operator plans to have completed its studies and to be then ready to drill a well in the Permit. ACOR owns a 1/20th of 1% ORRI.

VIC/P60 -- ACOR is so excited about our new discoveries on Permit 60. ACOR management is now working full time to locate an oil company and/or investor(s) to take a look at the six new anticlines and a fault trap on the flank of an anticline with 1,100 feet of closure, with an outstanding bright spot anomaly indicating oil.

One of the six structures is called the A-1 Structure on VIC/P60, the A-1 structure has been given estimated oil reserves at 9,721,406 bbls of oil, or $583,284,360 worth of oil at today's price. This is extremely conservative which will be obvious when you meet with Mr. Roy Whiting, the Geophysicist and he shows how he calculated the estimates on just one of the three payzones on the A-1 structure.

We have just discovered these new structures in the Bass Strait Offshore Victoria on Petroleum Permit 60 from an approximately six month examination of nearly 5,000 2D lines.

Two permits to the north, the Halibut Field has produced 60,000,000 bbls. per well to date. This amounts to $3,600,000,000 per well, if the oil were valued at today's price. On the west slope of the anticline, the fault trap forms the Fortescue Field, which has made 9,285,740 bbls. per well to date, or $557,144,400 per well, if the oil were valued at today's price. The fault trap on the side of the anticline on Permit 60 is a comparable situation to the Fortescue Field. Permit 60 covers 339,769 acres.

Australian-Canadian Oil Royalties Ltd. holds 25% Working Interest in Victoria Permit 60.


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