Avery's operating partner, Mosaic Oil N.L., experienced substantial unforeseen increases in its budgeted cost for the proposed 3D seismic program over the Taylor Field area, making it impractical for Avery to proceed with the program.
"While we are disappointed that this arrangement did not work out, we are discussing other opportunities with Mosaic Oil," said David Little, President and CEO of Avery. "In the meantime, our five farm-in programs in the onshore Australian Cooper Basin are progressing, with two seismic programs recently completed, another one ongoing, and further drilling anticipated in August and September. As well, the acquisition of the Schwarzer 3D seismic survey on our 10 percent owned Katandra prospect in the Timor Sea, offshore Australia, has been completed and is now being processed. Interpretation and evaluation is expected to be completed by late August of this year with a drill decision to follow."
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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