Australian-Canadian Oil Royalties Ltd. reported that ACOR management traveled to Australia and met with two aboriginal tribes for the purpose of clearing native title issues on ATP-582.
ACOR management was successful in getting a verbal agreement that is now being reduced to writing. The lawyers are now drafting the final agreements for ACOR management to sign. The agreement with the two aboriginal tribes is a big step in the process because no exploration work can begin until the title is cleared. After ACOR signs the agreement with the two aboriginal tribes, ACOR and its JV partner can begin to explore on the largest oil & gas concession in Queensland.
An agreement was made with JV Partners interested in exploring ACOR's ATP-582. This agreement was put into contract form and has been signed.
The JV Partners have agreed to pay for 100% of the cost to clear native title with the two (2) aboriginal tribes, pay 100% of the cost to shoot $US1,000,000 of new seismic over the leads identified by ACOR management from previous seismic data, and pay 100% of the cost to drill one well (est. cost $US2,500,000).
ACOR will be carried for 50% Working Interest in the first well.
After the well is drilled, ACOR will pay its proportionate part to participate in any additional drilling and/or seismic work on ATP-582, as needed.
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