Australian-Canadian Oil Royalties Ltd. (ACOR) reported that the operator states the Pecos-1 has already encountered a gas show above the main targeted payzones. Gas was encountered at approximately 1706 feet.
The Pecos-1 is drilling ahead and the current well depth is approximately 3200 feet.
The Pecos-1 well is being drilled on C-26 structure which was identified by seismic shot by ACOR. The geophysicist that did that work helped discover the giant oil fields adjoining ACORís PEL 112 such as the Worrior, Sellicks, Christies & Callawonga oil fields. He has vast experience and knowledge analyzing the seismic data and regional geology in the Cooper/Eromanga Basin.
This same geophysicist and his team are currently on the Pecos-1 drilling site analyzing the drilling samples and are expected to be there for any (DST test) drill stem test.The Pecos-1 well will be drilled to a total depth of approximately 6,000 feet and will take approximately 12-14 days to reach TD. The Pecos-1 well is part of a three (3) well drilling program.
The primary payzone of the Pecos-1 well is the Hutton Sandstone, but five (5) more possible additional payzones may occur in the CadnaOwie, Namur, Birkhead, Murta and Poolawana sandstones.
The Tantana Oil Field is the closest oil field to PEL 112 and has produced approximately 7,300,000 barrels of oil from twelve (12) wells. At today's crude prices that equates to approximately $701 Million Dollars or approximately $58 Million per well.
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