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.:
reality ouch, page-31
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