A ten (10) well program covering the full spectrum of operations from exploration through to appraisal and development was carried out in the March 2007 quarter by the JV partners at the Thungo and Muthero fields in PL-51, with a 100% success ratio. All ten (10) wells were successfully drilled & completed for production, along with near field exploration wells Dilkera North-1 well and Kamel-1 well.
The Dilkera North-1 well was tied into the Muthero field facilities in July. The Kamel-1 well also drilled during the same campaign is being tied into Thungo field facilities. Currumbar-1, which was drilled in 2006, was tied into the Muthero field facilities via the Dilkera North-1 well. Each of these three wells produces oil from the Murta Member.
The Maxwell 5 well spudded in PL 50 on October 14th, 2007 on the Maxwell oil field on ACOR's ORRI. The well reached Total Depth of 3,284 feet and good oil shows were encountered in the Murta Formation during drilling. Wireline logs were run, and the well has been cased and suspended as a future oil producer.
The wells are planned and designed to appraise the Birkhead oil pool discovered in the Muthero-3 well in December 2005 on the Muthero oil field.
The Muthero-3 well was drilled to a total depth of 4,692 feet. Oil shows were encountered in the Birkhead Formation and Murta Member during drilling. DST-1 flowed oil on final flow at 1,030 BOPD. Muthero-3 was cased and suspended as a future Birkhead oil producer.
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 40,000,000 barrels of good quality crude oil or approximately $3.76 billion dollars at current crude market prices.
ACOR management is excited about the increased revenue stream from these new wells on ATP 267 and is very excited about 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.
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