Avery to Acquire Stake in Two Onshore Australian Licenses
|Tuesday, March 02, 2004
Avery Resources has entered into an option agreement with a private oil and gas company on a large acreage block located in New South Wales, Australia. Under the terms of the option and subject to satisfactory due diligence by Avery to be completed over the next 90 days, Avery will have the right to acquire interests ranging from 25% to 50% in up to 2 million acres contained within two Petroleum Exploration Licenses.
The licenses are located in the Darling and Murray sedimentary basins in proximity to the Moomba - Sydney natural gas pipeline system serving the large market areas of Sydney and Canberra. The lands have been the subject of a recently completed technical evaluation which will provide the basis for future geophysical work over the course of 2004 and 2005.
In addition to the above, Avery and its partner will be actively working on additional opportunities contained within an area of mutual interest covering other lands near the pipeline.
This agreement along with the company's current opportunity in Northern Ireland, form a foundation for Avery's expanding suite of exploration prospects in medium risk basins located in countries that provide significant exploration upside coupled with favorable fiscal and legal systems.