The operator has informed Avery that Marracoonda-2, the first well in the program, has been drilled to a total depth of 1,775 meters and encountered oil shows over the interval of 1,686 to 1,692.5 meters within the primary target zones. A drill stem test over the interval of 1,685 to 1,692.5 meters recovered 74 barrels of fluid consisting of five percent oil and oil emulsion with the remainder of the fluid being mud and water.
Avery currently plans to re-evaluate the tested oil show zone after wireline logs have been acquired, subject to evaluation of next steps in conjunction with its partners in the well. Continuing heavy rainfall in the area over the past few days has caused widespread flooding and road closures, forcing temporary evacuation of most of the rig crew. A small crew remains on site to monitor the well and testing operations are expected to re-commence once weather and road conditions return to a state that allows the full crew complement to be restored.
Avery Resources is an international hydrocarbon exploration and production company based in Calgary, Alberta. The Company is committed to growing shareholder value through international acquisitions and exploration in countries that provide significant exploration upside coupled with favorable fiscal and legal systems. Avery's primary interest is in Australia, where the Company is building a significant presence through production, partnerships, drilling and acquisitions. Avery is focusing its current drilling activity in the Cooper Basin region of Australia.
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