Avery Resources reports that Diamond Offshore's, Ocean Bounty, is currently being towed from the Bass Strait to the Timor Sea offshore northwest Australia to drill the Katandra-1 exploration well. The operator expects the rig to be on location December 8, 2004 barring weather-related or other delays. The well is expected to take two weeks to complete, lying in 110 meters of water with a target depth of 1,321 meters. The total depth of the well is expected to be 1,550 meters subsea. Based on analogue pools, it is estimated that the formation may contain up to 102 million barrels of oil recoverable. Avery has a 10 percent interest in the Katandra prospect.