Australian-Canadian Oil Royalties Ltd. (ACOR) reported that the JV Partner advises that the Coelacanth-1 well in VIC/P45 has drilled to approximately 6,000 feet in approximately 295 feet of water by the operator and farminee Apache Energy Pty Ltd, using Seadrill's West Triton jack-up drilling rig.
Apache Energy Pty Ltd is a subsidiary of Apache Corp. Apache will meet 100% of the cost of the Coelacanth-1 well and, at its option, the cost of a second well in ACOR's ORRI under VIC/P45, in order to earn its full 66.67% interest.
At 6,000 feet, the primary objective is approximately 1900 additional feet from the first of three (3) main oil targets in the Coelacanth-1 well; the Top Latrobe, the Top Volador and the Intra-Volador. The JV Partner states that Apache's assessed potential recoverable hydrocarbons of the Coelacanth structure on a success case range from 74.84 million barrels of oil in a P10 case to 5.85 million barrels in a P90 case, with a mean of 31.99 million barrels.
Current status of the drilling rig is that they are pulling out of the hole to change the drilling bit and hooking up the logging-while drilling tools and the bottom-hole assembly.
Drilling of the Coelacanth-1 well is expected to take approximately 16 days and will be drilled to a total depth of approximately 9,900 feet.
The Coelacanth-1 structure was discovered from the approximately $20,000,000 dollars worth of new 3-D seismic data. The Coelacanth-1 structure is in geological trend with the Bream Oil Field, the Kingfish Oil Field & the Kingfish West Oil Field.
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