Australian-Canadian Oil Royalties to drill Snatcher-3 well in November 2009

Thu. October 15, 2009; Posted: 08:43 AM

Oct 15, 2009 (Datamonitor via COMTEX) -- AUCAF | Quote | Chart | News | PowerRating -- Australian-Canadian Oil Royalties has announced that the operator for the PEL 111 Joint Venture, Victoria Petroleum, has agreed to drill the Snatcher-3 well in the Cooper-Eromanga Basin in November 2009 to further explore the oil-bearing potential of the Birkhead channel sands that are productive in the Snatcher-1 and 2 wells on the company's overriding royalty interest.

The joint venture partner has said the well, subject to necessary regulatory approvals, would be drilled with the Century Rig 3.

Snatcher-3 is located 800m to the northwest of the successful Snatcher-2 exploration well and will be drilled to a depth of approximately 5,905ft.

According to one of the joint venture partners, the Snatcher-3 well is targeting P50 reserves of 550,000 barrels based on the expected drainage around the well and would take around 15 days to drill and evaluate.

If successful, Snatcher-3 will be brought onto production through an extended production test linked to the temporary facilities that are nearing completion at Snatcher-1.

The company has said that the production from Snatcher-1 and Snatcher-2 is on track to start early in November 2009 with oil to be trucked to the Santos production hub at Moomba in South Australia. Both wells, Snatcher-1 and Snatcher-2 will be produced with pumps at a combined target rate of 800 barrels of oil per day.

Australian-Canadian Oil Royalties owns 10% of the 1% overriding royalty interest under PEL 111, which includes the Snatcher oil field, covering approximately 292,819 gross acres.

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