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Production is expected to start in the coming week following coordination of the start-up with Santos's onshore Orbost gas plant. Santos has a gas contract in place, at an estimated value of approximately $1,000,000,000 (BILLION) to process and purchase up to 350 Petajoules (PJ) of gas and associated liquids from the Longtom Gas Field on ACOR's ORRI located in the offshore Gippsland Basin.
The gas from the Longtom Gas Field will be transported via the newly-built pipeline by the operator to the end of Santos's Patricia-Baleen pipeline, approximately 7.3 miles away. The raw gas would then continue along the Patricia-Baleen pipeline to shore where it would be processed at the Orbost gas plant.
The Longtom gas project has proved and probable reserves of approximately 350 BCF of gas and 4 million barrels of condensate. The daily production is estimated at a volume of approximately 11,000 - 12,000 barrels of oil equivalent per day (100% basis).
ACOR owns a 1/20th of 1% ORRI under VIC/54 (including the Longtom Gas Field) covering approximately 155,676 gross acres.
About the Longtom Gas Field
The Longtom gas field is located in production license VIC/L29 in the Gippsland Basin, offshore Victoria. The field is approximately 12 miles from the coastline in approximately 183 feet of water depth.
In September 2006, the Longtom-3 well flowed at over 75 MMCF per day on test while bypassing the separator, confirming that it can also alone meet the contract requirements.
In September 2008, the Longtom-4 development well was successfully flow tested. The test of the primary production zone within the Admiral formation flowed at a rate of approximately 58 MMCF per day through a 64/64" choke on ACOR's ORRI. The well flowed for 35 hours before being shut-in to monitor the pressure response from the reservoir.
The Longtom gas project is a significant long term infrastructure development that has the capacity to deliver over 10% of Victoria's annual gas demand.
Click on link below to see maps of the Longtom Gas Field: http://www.aussieoil.com/site/longtommap.pdf.
About The Gippsland Basin:
In excess of 4 billion barrels of oil/condensate and 12 TCF gas reserves have been discovered in the Basin since exploration drilling began in 1964, with remaining reserves estimated at 600 million barrels of oil and 5 trillion cubic feet of gas. Current production of the Basin is around 140,000 barrels per day of crude and 570 million cubic feet per day of gas. Some of the very best oil production in the world is found in the Gippsland Basin.
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 and Offshore in the Carnarvon Basin in Western Australia.
ACOR is a publicly traded oil company trading on the NASDAQ OTC Bulletin Board Exchange under the trading symbol "AUCAF."
Summary:
Australia is a "hot spot" for oil & gas exploration and ACOR is positioned for possible "Company-Maker" discoveries. 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:
Cautionary Note to U.S. Investors:
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as "probable" (P90), and "mean risked reserves," that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosures in our Form 10K, Form 10Q and other filings with the SEC available from us at 1301 Ave M, Cisco, Texas 76437. You can also obtain this information from the SEC on-line at www.sec.gov or by calling 1-800-SEC-0330.
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.
SOURCE: Australian-Canadian Oil Royalties Ltd.
Australian-Canadian Oil Royalties Ltd. Investor Relations, 254-442-2638 acor@classicnet.net
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