Avery Resources Says Katandra Permit Has Been Renewed

Avery Resources has been informed by OMV Timor Sea, the operator of the Katandra property offshore northern Australia, that the permit for the property has been renewed. The operator recently received formal notice advice from the Australian Northern Territory Department of Business, Industry and Resource Development that the AC/P24 exploration permit containing the Katandra oil discovery has been offered for renewal in accordance with the application submitted to the Government on February 23, 2005. All four contiguous graticular blocks comprising 272 square kilometers have been offered to be renewed for another five year term. All partners in the permit have agreed to accept the offer to renew the permit and the permit term is expected to commence in June 2005.

The Katandra oil discovery was made in late 2004. Avery and its partners will now reprocess the 3D seismic data covering the Katandra structure to better define the structure and aid in determining the optimum location at which to drill a possible appraisal or production well. In addition, other studies are being conducted with respect to the potential future development of the Katandra oil pool.

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