ACOR: Queensland Winning Streak Continues
Australian-Canadian Oil Royalties Ltd. (ACOR) on Monday reported that the JV partner of ATP 267 advised that the Thungo 11 well and the Kamel 1 well in southwest Queensland, Australia have been cased and suspended as future oil producers on ACOR's ORRI.
The 10-well drilling program on ACOR's ORRI has been most successful with all ten wells having been cased and suspended for future oil production on ATP 267. Eight of the ten wells were completed in the Murta oil formation and the other two wells were completed in the Birkhead formation. All ten (10) wells were cased and suspended as future oil producers on ACOR's ORRI.
The Kamel 1 well in PL 51 southwest Queensland spudded on March 16th and drilled to a Total Depth of 4563 feet. Oil shows were recorded in the Murta Member. The well was cased and suspended as a successful oil well.
The Thungo 11 well was the last well in the ten well drilling program. The Thungo 11 well spudded on March 26th and was drilled to a total depth of 4219 feet. Oil shows were recorded in the Murta Member. The well was cased and suspended as a successful oil well.
The 10-well drilling program on ATP 267 was inspired by the 2005 Muthero 3 discovery. 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.
The DST-1 on the Muthero 3 well 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.
The 10-well drilling program began on December 31st 2006 with the spudding of the Dilkera North 1 well. The wells were drilled in 6 to 10 days and connection of the successful wells is targeted in 40 to 60 days. The ten 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. The operator was so pleased with the drilling success that after the new wells are place on production, planning will begin for future wells to be drilled on ACOR's ORRI.
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 second-largest onshore oil field and has reserves in excess of 40 million barrels of good-quality crude oil. or approximately $2.2 billion at current crude market prices.
ACOR management is very excited about the current 100% success of this 10-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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