In December 2004, the Katandra-1 discovery well, situated in approximately 100 meters of water, drilled a Vulcan Sub-Basin prospect at a depth of 1,450 meters and encountered a seven meter column of light, sweet, 48 degree API oil. Data has been reworked after the initial well was drilled, revealing the potential for further drilling.
The Schwarzer survey, which will be conducted by the operator, OMV Australia Ltd., using the recently-commissioned ship Veritas Voyager, will cover 681 square kilometers including the 272 square kilometer AC/P 24 Katandra permit. The seismic shoot is expected to be complete in six weeks, with processing and interpretation of the data expected within six months.
The partners have budgeted US$3.5 million (net $350,000 for Avery) for the ACP/24 portion of the survey. Completion of the survey satisfies the joint venture's commitment for the second year of the current five year lease on ACP/24.
David Little, Chairman and CEO of Avery, noted that the Katandra Prospect will be a very important asset for Avery if future drilling of the lease is successful. "The aim of the 3D seismic survey is to locate a well that would establish commerciality. Katandra could be the jewel in Avery's crown," he said. "We have been awaiting the commencement of this seismic study for some time and we are very excited to have it underway. Katandra's potential is significant."
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