Avery Resources to Evaluate Aspen 1 Well Results
Avery's recently announced Aspen 1 exploration well finished drilling in the Cooper Basin of Australia. Aspen 1 was the first of approximately 12 wells that Avery has planned for the Cooper Basin, where the company has gained access to approximately 1.5 million acres of land. By contributing toward the funding of Aspen 1, Avery earned a 25 percent interest in the 55 square- kilometer Aspen Block. The well was logged and subsequently plugged and abandoned. Results will be incorporated into the existing dataset to evaluate the prospectivity of remaining drilling targets in the block.
The rig is currently moving to a new exploration location called Pine 1 that will test another structure on Avery's farm-in lands. The well will be operated by Innamincka Petroleum. Avery will earn a 25 percent interest by contributing toward the funding of the well. Pine 1 is expected to start drilling within a week, targeting two formations, one of which tested 600 bbls/d of oil from a nearby discovery well.
Avery will also participate in two additional exploration wells in the Murteree Block in PEL 113, also in the South Australian Cooper Basin. The wells are currently planned for March and April of 2006. These wells will target oil in Lower Cretaceous and Jurassic sandstones, the same objectives that are productive in the Derrilyn oil field, located in the production license that adjoins the eastern boundary of the Murteree Block. Thereafter, Avery has planned for June 2006 to drill again in the Innamincka-operated South Candra Block in PEL 103. This second well in the block will target Jurassic and Triassic sandstones, the same objectives that are productive in the Acrasia and Reg Sprigg oil fields, less than five kilometers to the north.
Avery is also pleased to announce the opening of an office in Brisbane, Australia, a hub of Australia's oil and gas industry. The office will act as a headquarters for Avery's Australian oil and gas activities.
Paul Lipski, the Managing Director of Avery Resources (Australia) is heading up the Brisbane office. Mr. Lipski has 23 years of industry experience as a petroleum geologist and manager, based primarily in Australia and has also worked in Canada. Prior to Avery, Paul was Exploration Manager for Brisbane-based Magellan Petroleum, where he worked since 1997. In addition, Avery has employed Tony Stephan at its Brisbane office as an operations geologist and technical services manager.
Avery Resources Inc. is an international junior oil and gas exploration company based in Calgary, Alberta that trades on the TSX Venture Exchange. The company is committed to growing shareholder value through international acquisitions and exploration. Avery's primary interest is in expanding exploration projects in oil and gas basins located in countries that provide significant exploration upside coupled with favourable fiscal and legal systems.