The Muthero 5 & 6 wells complete the four wells planned to be drilled on the Muthero oil field. The program is designed to appraise the Murta zone and Birkhead oil pool discovered in the Muthero 3 well in December 2005 on ACOR's ORRI. ACOR management is very excited that all four wells were successful on ACOR's ORRI.
The Muthero-5 appraisal well in PL 51 southwest Queensland spudded on February 23rd and drilled to a Total Depth of 4744 feet. Oil shows were recorded in the Murta Member and the Birkhead Formation. The well was cased and suspended as a successful oil well.
The Muthero 6 well spudded on March 4th is also being cased and suspended as a future oil producer. The well was drilled to a Total Depth of 4744 feet. Three oil shows were recorded in the Coorikiana Sandstone, Murta member and the Birkhead Formation.
The Muthero 3 well was drilled to a total depth of 4692 feet. Oil shows were encountered in the Birkhead Formation and Murta Member during drilling. DST-1 flowed oil on final flow at 1030 BOPD through a 1/2" choke at 25 psi. The Muthero 3 well commenced production at around 525 BOPD in February 2006 on ACOR's ORRI.
100% Success Ratio - 1st Seven Wells out of Eleven Strike Oil
The four wells drilled in the Muthero Oil Field are all part of an 11-well drilling program on ATP 267 that began on December 31st 2006 with the spudding of the Dilkera North 1 well. The Thungo 9 well was the 2nd well, it spudded on January 9th 2007. The 3rd well was the Thungo 10 well, it spudded on January 15, 2007. The 4th well was the Thungo 13 well, it spudded on January 21st, 2007. The 5th well was the Muthero 7 well, it spudded on February 8th, 2007. The 6th well was the Muthero 5 well, it spudded on February 23rd. The 7th well was the Muthero 6 well, it spudded on March 4th.
All seven wells were cased and suspended as future oil producers on ACOR's ORRI.
The wells are drilled in 6 to 10 days and connection of successful wells is targeted in 40 to 60 days. The successful wells will be completed and connected to existing oil production facilities, which will be upgraded to handle the anticipated increased production volumes on ACOR's ORRI.
About ATP 267:
ATP 267, including Petroleum License (PL) 33, 50 & 51, consists of approximately 220,800 gross acres and is located in Queensland Australia in the prolific Cooper/Eromanga Basin. The western border of ATP 267 is located approximately 5 miles from the Jackson Oil Field. The Jackson Oil Field is Australia's 2nd largest onshore oil field and has reserves in excess of 40,000,000 barrels of good quality crude oil or approximately $2.2 Billion Dollars at current crude market prices.
Three wells were drilled on ATP 267 during the 2005 drilling program; Muthero 3, Winna 4 and Currambar 1. All three wells were successful on ACOR's ORRI.
ACOR management is excited about the discoveries made in 2005 on ATP 267 and is very excited about the current 100% success of this 11-well drilling program and the potential revenue that could be generated for the company.
ACOR owns 17.15% of 1% ORRI under ATP 267 which include Petroleum License 33, 50, & 51.
ACOR's principal assets consist of 15,440,116 gross surface acres of overriding royalty interest and 8,561,007 gross acres of working interests, located Onshore Australia in the Cooper-Eromanga Basin and Offshore Australia in the Gippsland Basin in the Bass Strait.
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