ACOR Reports Cleansweep-1 Strikes Oil

Australian-Canadian Oil Royalties says that the joint venture partner states that the Cleansweep 1 well has struck oil in the first of three main target zones. The Drill stem test #1, which was run over the interval from 6,952 feet to 6,998 feet in the Birkhead Formation and recovered approximately 444 barrels of oil on a drill stem test.

The Cleansweep 1 well is targeting estimated possible oil in place potential of approximately 4.8 million barrels or approximately $451,000,000 at current crude oil prices under the structure. The Cleansweep well will be drilled to a total depth of 8,694 feet.

Cleansweep-1 Strikes Oil in Zone 2:

An oil show was also noted from the Poolowanna Formation and this will be further evaluated by wireline logs and drill stem test #2.

The structure is a relatively simple four-way dip closure at the southern end of a structural ridge. The basement is faulted down to the Patchawarra Trough on the southeast flank of the structure, providing a conduit for migrating hydrocarbons from the Permian. Closure is mapped at the top of the Birkhead Formation and at the Top Basement horizons.