Oil Shows were Observed in Cleansweep 1

PEL 100, Strickland Bay-1, Cooper Basin
(Click to Enlarge)
ACOR's JV partner states that the Cleansweep 1 exploration well has drilled into the basal Birkhead Formation where oil shows were observed over the interval 6,981 feet-6,998 feet.

The oil shows were accompanied by oil in the drilling mud and elevated gas readings of 300 units on a background of 10 units.

Current operations are preparing to run Drill Stem Test 1 over the interval.

Cleansweep 1 is targeting un-risked mean oil in place potential of 4.8 million barrels in the Birkhead/Hutton, Poolowanna and Paning formations.

The structure is a relatively simple four-way dip closure at the southern end of a structural ridge. The basement is faulted down to the Patchawarra Trough on the southeast flank of the structure, providing a conduit for migrating hydrocarbons from the Permian. Closure is mapped at the top of the Birkhead Formation and at the Top Basement horizons.

About PEL 100:

PEL 100 covers approximately 145,569 gross acres and lies towards the northeast corner of South Australia on the northern margin of the Cooper/Eromanga Basin.

PEL 100 has the full section of Cretaceous, Jurassic and Triassic formations. The southern portion of the block has the addition of some Permian formations. The Jurassic and Triassic formations are the main exploration targets within the block.

The Keleary and Telopea Oil Fields are located immediately to the east of the block, indicating a potential migration pathway into adjacent structures.

The Keleary # 2 well came in with an IP of 6,000 BOPD. The Keleary oil well adjoining PEL 100 to the east has produced 1,200,000 barrels of oil or $114,000,000 at current crude prices from one well and is still producing.

The Keleary Oil Field encountered four commercial zones in three separate formations (Basal Birkhead/Hutton, Poolowanna and Tinchoo Formations), while the Telopea Oil Field encountered commercial oil in the Tinchoo Formation.

The Tarragon-1 discovery well is located in PPL121, which lies in the western portion of the block. The Tarragon-1 flowed 2080 BOPD from the Tinchoo and Hutton formations. ACOR owns a 1% Carried Working Interest under PEL 100 in this well.

The operator of PEL 100 is also the operator of the giant discoveries adjoining ACOR's 13.83% WI PEL 112 to the east. ACOR and this operator used the same geophysicist and seismic company in discovering the following wells on the adjoining areas to the east.

- Worrior-1 well came in with an initial potential of 2800 BOPD.

- Worrior-2 well came in with an initial potential of 2000 BOPD.

- Worrior-3 well came in with an initial potential of 276 BOPD.

- Worrior-5 well came in with an initial potential of 250 BOPD.

- Worrior-6 well came in with an initial potential of 2300 BOPD.

The operator of PEL 112 has scheduled the Hunt #3 drilling rig for an anticipated spud date of November 15th, 2007. This represents one of ACOR's possible biggest revenue generating opportunities.

PEL's 108, 109, & 112 are located in South Australia in the prolific Cooper/Eromanga Basin. The Operator has agreed to drill and complete three exploratory wells in the northern section of PEL 112. Site locations have been predetermined and road access is now completed.

PEL 112 covers approximately 818,904 gross acres, and has never been drilled on. All the wells are approximately 6,000 feet deep and cost around $1.5 million dollars each to drill and complete.

ACOR owns a 13.83% Working Interest in PEL's 108, 109 and 112 with a combined gross acreage of 1,325,715. ACOR's carried working interest in the 1st three wells will exclude ACOR from all exploration and completion costs, after which, ACOR will pay it proportionate part of the drilling and exploration cost.


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