ACOR Excited About Prospects in VIC/P60 Offshore Australia
Australian-Canadian Oil Royalties Ltd. has been extremely busy on the seismic program on VIC/P60 in conjunction with its partners. ACOR owns a 25% interest in the 339,700 acre offshore Australia petroleum permit VIC/P60, located in the prolific Bass Strait. ACOR has furnished the $US 29,000 Kingdom seismic program and computer equipment to our 50% W.I. partner Holloman Corporation for use in studying VIC/P60.
Holloman Corp. has been working full time on Permit 60 since the first of the year. There have been a number of 2-D seismic programs run over Permit 60 in different years and using different programs. It is estimated that there are approximately 5,000 seismic lines extending into or crossing the area and has in conjunction with Kingdom built a special seismic program to correct for near surface channeling on VIC/P60.
ACOR is pleased to report that after studying over 5,000 seismic lines in and around VIC/P60, six structures have been identified. One of the six structures lies in 100-200 meters of shallow water and is estimated to contain approximately $500,000,000 reserves, if filled with hydrocarbons. The structure is approximately 4 miles long and 1.5 miles wide. The seismic line of the structure shows brilliant high amplitude bright spots in the Golden Beach formation.
VIC/P60 is located in a world-class petroleum province with remaining reserves estimated at 600 million barrels of oil and 5 trillion cubic feet of gas. Despite its long history of extensive exploration, many parts of the basin, especially the eastern region, are still poorly understood. New players have entered the exploration scene and the amount of seismic data, particularly 3D, is increasing. For such a prolific basin, the Gippsland Basin is relatively unexplored and ACOR believes there is still considerable potential for significant discoveries.
Gippsland Basin Production:
VIC/P60 is located in the prolific Gippsland Basin, in excess of 4 billion barrels of oil/condensate and 12 TCF gas reserves have been produced in the Gippsland Basin.
Current production is around 140 thousand barrels per day of crude and 570 million cubic feet per day of gas. At peak rates, The Gippsland Basin can deliver more than 1000 million cubic feet a day. VIC/P60 is adjacent to giant producing fields and proximal to existing infrastructure and an expanding gas market.
The Barracouta Field has produced 1.1 Trillion cubic feet of gas from 7 wells or 125 BCF per well.
The Marlin Field has produced 2.4 TCF gas from 19 wells or 126 BCF gas per well.
The Halibut Field has produced 840,000,000 bbls from 14 wells or 60,000,000 bbls oil per well.
The Fortescue Field has produced 280,000,000 bbls oil from 28 wells or 9,285,740 bbls per well.
The Cobia Field has produced 135,000,000 bbls oil from 20 wells or 6,700,000 bbls oil per well.
The Kingfish Field 1.1 Billion bbls oil produced from 41 wells or 26,000,000 bbls oil per well.
ACOR is very excited about the income potential VIC/P60 represents
to the Company and it's shareholders. ACOR's management believes this
is the most important discovery in the company's history.
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