Partners Eagerly Await Wireline Logs on Madfish-1 Well

The Madfish-1 well is rigging up to run wireline logs with possible estimated mean reserves of approximately 33,000,000 barrels of oil.

Australian-Canadian Oil Royalties announced that the Operator is rigging up to run wireline logs over the Madfish-1 Offshore Well. The wireline logs will determine if the hydrocarbon detected is capable of flowing in commercial quantities.

The Madfish-1 exploration well was spudded on November 27th in the offshore Gippsland Basin, targeting possible mean reserves of approximately 33.6 - 41.7 million barrels of oil.

The Madfish-1 well on ACOR’s ORRI under VIC/P59 is being drilled by the Ocean Patriot semi-submersible drilling rig.

The Madfish-1 well will be followed by the Elver-1 prospect that will target possible mean oil reserves of approximately 39.5-51.3MMbbl respectively.

The Madfish-1 well is located in about 1279 feet of water and has a planned total depth of approximately 9,284 feet while the Elver-1 prospect has a planned total depth of approximately 10,334 feet.

VIC/P59 consists of 301,468 gross acres and is located offshore in the Gippsland Basin. VIC/P59 is adjoined by the Blackback Oil Field with estimated reserves of 80,000,000 barrels of oil.

ACOR owns a 1/20th of 1% ORRI under VIC/P59.

ACOR’s other Offshore Gippsland Basin Assets

VIC/P45 consists of 214,896 gross acres. VIC/P45 adjoins VIC/P59 to the west. VIC/P45 is located offshore in the most prolific oil-producing basin in Australia, approximately 1 1/2 miles east of the Kingfish Oil Field in the Southern Gippsland Basin in the Bass Strait.

The Kingfish Oil Field, the largest oil field in Australia, has produced 1,100,000,000 barrels of oil since its discovery. There are currently 23 producing wells in the field. The permeability in the pay section ranges between 5,000 and 40,000 millidarcies, which is extremely high.

On mapping there are 14 structures on VIC/P45, which includes one oil and gas field discovery with 16 pays and over 1,000 feet of pay section and a second with one gas pay section. This was a discovery well drilled off projected prospects.

ACOR owns a 3/20ths of 1% ORRI under VIC/P59.


Offshore Australia Longtom-4 Well Flows Approximately 58 Million Cubic Feet of Gas per Day on 35 hour Production Test on ACOR’s ORRI on the Longtom Gas Field under VIC/P54.

The test of the primary production zone within the Admiral formation flowed at a rate of approximately 58 MMCF per day through a 64/64” choke on ACOR’s ORRI.

The well flowed for 35 hours before being shut-in to monitor the pressure response from the reservoir. The forward plan is to suspend the well as a future producer with the rig expected to be released by the end of the week.

Longtom-4 is the second production well drilled, completed and tested in preparation for commercial production. Analysis of the production performance suggests that Longtom-4 alone would be capable of meeting the anticipated maximum contract requirements of the Longtom field.

In September 2006, the Longtom-3 well flowed at over 75 MMCF per day on test while bypassing the separator, confirming that it can also alone meet the contract requirements.

Nexus said, “the testing of Longtom-4 is another important milestone on the path to first production by mid 2009.”

Longtom-4 has been drilled by the West Triton jackup and is the second development well for the Longtom gas project. The Longtom-3 well, drilled during the third quarter of 2006, is ready for commercial production with no further rig intervention required. Timing of a planned third development well will depend on the field’s production performance over time. The current plan assumes this well will be drilled two to three years after project start-up.

Gas produced from the Longtom wells will enter a new 12 inch pipeline and will be transported from the field to the end of Santos’ existing Patricia-Baleen pipeline, 19 kilometers away. Nexus will construct this pipeline and the associated control lines and equipment with the pipelay barge contracted for installation in the December quarter.

The raw gas will then continue along the Patricia-Baleen pipeline to shore where it will be processed at Santos’ existing onshore gas plant. Santos will install new equipment at the plant capable of processing the Longtom gas. This will primarily involve facilities for the stripping of condensate from the gas and the subsequent stabilization, storage and export of the condensate.

VIC/P54 (including VIC/L29) consists of 155,676 gross acres (243 square mile) and is located north of VIC/P59.
ACOR owns a 1/20th of 1% ORRI under VIC/P54 (VIC/L29).

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