Avery Reports Wompi Block Dry Hole
Avery Resources Inc. said that the Gamma-1 oil exploration well in the 236-700-acre ATP-752P Wompi Block, located in the Queensland sector of Australia's Cooper Basin, has penetrated the primary target reservoirs without encountering commercially significant oil.
Minor oil shows were intersected in several zones within the Namur sandstone (primary target), Westbourne Formation (a secondary target), Birkhead (secondary target) and Hutton sandstones (primary target). Following evaluation of wireline logs, it was determined that no further testing was warranted and a decision was made to plug and abandon the well.
The Wompi Block Joint Venture has recently agreed to acquire the Watson Extension 3D seismic survey, planned for April 2007. This survey will detail three oil fields in the adjacent production license and will be extended into the Wompi Block to detail several structures. The drilling of an optional third farm-in well in the Wompi Block will be delayed until after the 3D seismic survey is processed and interpreted.
Avery has now earned a 30% interest in the ATP 752P Wompi Block, and has the option to increase to 50% by funding an additional well.
Avery Resources is an international hydrocarbon exploration and production company based in Calgary, Alberta. Its 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.