Just saw more news on AUCAF btw: CORRECTING and REPLACING ACOR is Finalizing Approvals on ATP-582 to Begin Exploration on the Largest Oil & Gas Concession in Queensland - ACOR Will Retain a 50% ''Carried'' W.I. in the 1st well
Wednesday February 27, 11:49 am ET
CISCO, Texas--(BUSINESS WIRE)--Headline of release should read ACOR is Finalizing Approvals on ATP-582 to Begin Exploration on the Largest Oil & Gas Concession in Queensland - ACOR Will Retain a 50% ''Carried'' W.I. in the 1st well (sted ACOR is Finalizing Approvals on ATP-582 to Begin Exploration on the Largest Oil & Gas Concession in Queensland - ACOR Will Retain a 50% W.I. in the 1st well).
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The release reads:
ACOR IS FINALIZING APPROVALS ON ATP-582 TO BEGIN EXPLORATION ON THE LARGEST OIL & GAS CONCESSION IN QUEENSLAND - ACOR WILL RETAIN A 50% ''CARRIED'' W.I. IN THE 1st WELL
Australian-Canadian Oil Royalties Ltd. (herein called ACOR) (OTCBB:AUCAF) is pleased to announce that ACOR management traveled to Australia and met with two (2) aboriginal tribes for the purpose of clearing native title issues on ATP-582.
ACOR management was successful in getting a verbal agreement that is now being reduced to writing. The lawyers are now drafting the final agreements for ACOR management to sign. The agreement with the two (2) aboriginal tribes is a big step in the process because no exploration work can begin until the title is cleared. After ACOR signs the agreement with the two (2) aboriginal tribes, ACOR and its JV partner can begin to explore on the largest oil & gas concession in Queensland.
ACOR’s 50% Carried Working Interest in 1st well:
An agreement was made with JV Partners interested in exploring ACOR’s ATP-582. This agreement was put into contract form and has been signed.
The JV Partners have agreed to pay for 100% of the cost to clear native title with the two (2) aboriginal tribes, pay 100% of the cost to shoot $US1,000,000 of new seismic over the leads identified by ACOR management from previous seismic data, and pay 100% of the cost to drill one well (est. cost $US2,500,000).
ACOR will be carried for 50% Working Interest in the 1st well.
After the well is drilled, ACOR will pay its proportionate part to participate in any additional drilling and/or seismic work on ATP-582, as needed.
About ACOR’s Largest Oil & Gas Concession in Queensland
ATP-582 is located in Queensland Australia in the prolific Cooper/Eromanga Basin. The permit area covers approximately 6,716,000 gross acres.
The Cooper Basin (including the overlying Eromanga basin) is Australia’s largest onshore oil and gas basin and a world class hydrocarbon province. To date, a total of 11 trillion cubic feet of gas and 320 million barrels of oil have been discovered in the Cooper/Eromanga Basin.
The Cooper/Eromanga Basin oil fields are characterized by multiple vertically-stacked reservoirs generally resulting in dual completions allowing oil to flow from two or more zones.
The Basin is considered to be under-explored due to the few stratigraphic targets drilled to date and still offers "sweet spot" areas which have yet to be drilled and developed. Many areas of the Basin contain under-explored extensions of identified oil trends and are located near established oil and wet gas kitchens.
The Southern zone of ATP-582 is currently the best area of all the areas of the concession for oil & gas exploration.
ACOR management has currently identified two prospects on ATP-582 from the 850 miles seismic data, owned by ACOR.
The Samphire prospect covers approximately 3,800 acres and exhibits approximately 110 feet of closure.
The Samphire West covers around 4,700 acres. If the Samphire prospect proves to be productive, a number of additional field discoveries may result from leads in the Southern part of ATP-582.
Both prospects are a series of sandstone (clastic) reservoirs of pinch-outs and structural traps that have formed on the flank of the local high.
Question: Why is ACOR exploring for oil & gas in the Cooper/Eromanga Basin?
Answer: It is Simple Math (See Below)
The following information is quoted from B.J. O’Neill Author of: “The Cooper/Eromanga Basins Australia” 1989
As of 1989, when this study was conducted six hundred sixty (660) wildcat & appraisal wells have been drilled in the Cooper/Eromanga Basin at a cost of $US522 million.
The result (including dry holes):
The discovery of 5.47 Tcf of sales gas reserves
140,000,000 bbls of recoverable oil
430,000,000 bbls of condensate
On a per well basis, this represents:
8.3 BCF gas and 863,515 bbls oil reserves
$US102,000,000* per well worth of reserves discovered
The average drilling & completion cost per well is approximately $US2,500,000.
The gross reserve discovered per well is approximately 41 times the average drilling & completion cost per well drilled:
$US102,000,000*/ $US2,500,000 = 41 times return on investment
*Above figures based using $US95.00 bbl oil/$US2.50 Per/MCF gas
Now add a possible 41 Times ROI along with this news below!
Recently, the exploration programs in the Cooper/Eromanga Basin have exhibited a high success rate (approx. 50% since 2002) with the recent 2007 oil discoveries of wells with the initial potential capable of producing approximately 2,000 to 5,600 barrels of oil per day and reserve indications of 1 million barrels to several million barrels per well.
The Simple Math for ACOR equates to:
Australia (Cooper/Eromanga Basin) is a "hot spot" for oil & gas exploration and ACOR is positioned for possible "Company-Maker" discoveries.
About Australian-Canadian Oil Royalties Ltd.:
ACOR management draws no cash salary. ACOR has NO LONG-TERM DEBT. ACOR's principal assets consist of 15,440,116 gross surface acres of overriding royalty interest and 8,561,007 gross acres of working interests, located Onshore Australia in the Cooper-Eromanga Basin and Offshore Australia in the Gippsland Basin in the Bass Strait.
ACOR is a publicly traded oil company trading on the NASDAQ OTC Bulletin Board Exchange under the trading symbol "AUCAF."
Summary:
ACOR's working interests and overriding royalty interests are located offshore & onshore in the best producing basins.
Visit our website at www.aussieoil.com.
Disclaimer:
Except for historical information contained herein, the statements released are forward-looking statements that are made pursuant to the provision of the Private Securities Litigation Reform Act of 1955. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.
Contact:
Australian-Canadian Oil Royalties Ltd.
Investor Relations, 254-442-2638
acor@classicnet.net
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Source: Australian-Canadian Oil Royalties Ltd.
Like their style of letting the JV partner fund all the costs for a smaller working interest! tuna
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