Laserfiche WebLink
Australla <br /> <br />Royal holds exploration rights to tvvo permi; areas in Western <br />Australia known as E_P. 164 (in which the Company holds an <br />average 7.5 percent interest) and E.P 231 (22,5 percent <br />interesq. In light of the current status of oil prices, the <br />Company i, reviewing the level of its continued participation <br />in these opera0ons. <br />Three wells have been drilled on EP. 164, the Greg( <br />Sandy No. 1 which was plugged and abandoned, the <br />Cudalgarra No. 1 and Qtdalgarra No. 2 v,~ells which have <br />been cased. By electing ro participate on anon-consent basis <br />in the two wells which have been cased, the Company did <br />not pay any caging costs. The Company feel; the Cudalgarra <br />wells to be non-productive; however, should the wells prove <br />productive, the Company would be penalized to the extent <br />of 100 percent of the casing costs. <br />Two wells have been drilled on the EP. 231 permit area. <br />The Woods Hilh No. 1, which was a dry hole, and the Juno <br />Nu I well which was plugged and abandoned. <br />UndevelopeA Acreage <br />(At June 30, 1986) <br />Australia Gross Acres Nel Acres <br />Canning EP IG~r ..__'.I U4 Ibb,SH' <br />Canning EP'il LUI?._'Uii d5',?di <br />Total J,239,312 679,774 <br />