Avery Adds Project to Onshore Australian Portfolio
Avery Resources (Australia) Pty. Ltd., has entered into an agreement with Australian company Mosaic Oil N.L. to earn a 50% interest in the highly prospective oil and gas exploration permit ATP 709P (Part 5) and an option to participate at a 50% working interest level in the adjacent Taylor Oil and Gas Field area.
ATP 709P (Part 5) and the Taylor Field are located in the Western Surat-Bowen Basin in southeast Queensland, Australia. Avery has agreed to drill two exploration wells and to acquire 80 to 100 square kilometres of 3D seismic data over the Taylor Field. This will earn Avery the right to participate 50% in the drilling of, and production from, all new developmental wells in the Taylor Field. Mosaic will remain as operator of the properties. Avery intends to fund the program within its current capital expenditure budget.
ATP 709P (Part 5) is 146 square kilometers (36,077 acres). It contains the Rockhampton High-1 oil discovery, which has tested light sweet crude of approximately 45 degrees API, and two oil prospects, the Permian Tinowon Sandstone and Triassic Rewan Formation Freneau Prospect and the Triassic Showgrounds Armstrong Prospect. Both of these prospects are located east of and adjacent to the Taylor Field, which has produced over 1.8 million barrels (MMBbl) of oil/condensate and 16 billion cubic feet (BCF) of gas from the Triassic Showgrounds Sandstone.
Avery already has established projects with five operators in Australia's onshore Cooper Basin, totaling 829,221 net acres, and a 10% working interest in the Katandra Prospect in the Timor Sea, offshore Australia. This Mosaic farm-in project represents an active expansion of Avery's interests in Australia's established petroleum provinces.
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.
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Company: Avery Resources more info
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