ACOR Spuds Coelcanth-1 Offshore Australia

Australian-Canadian Oil Royalties Ltd. (ACOR) announced that the JV Partner advises that the Coelacanth-1 well in VIC/P45 has been spudded in approximately 295 feet of water by the operator Apache Energy, using Seadrill's West Triton jack-up drilling rig.

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.

Current progress reported by Apache was that the rig has drilled a 26 inch hole, riserless, to 279 meters and had pulled out of the hole, rigged up and run the 20 inch casing. Current operation is cementing of the casing.

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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