Avery Resources: Cuisinier-1 Cased, Suspended as Potential Producer
Avery Resources Inc. announced that Cuisinier-1, an oil exploration well drilled in Queensland ATP 752P, has been cased and suspended as a potential oil producer. Good oil shows and the open hole logs indicate 6 meters of potential pay sands within a new zone for the area (Murta sandstone). The discovery of such a new potential target zone for the area improves the overall exploration potential of Avery's acreage. This is the first well to be drilled under the ATP 752P Barta Block farm-in agreement with Santos Ltd. ("Santos"). Other partners include Bow Energy Limited and Victoria Petroleum NL.
It is anticipated that the well could be brought into production in early third quarter 2008 with oil being transported through existing infrastructure operated by Santos. The Cuisinier-1 oil discovery is 6 kilometers west of the Santos operated Cook Oil Field.
The second well to be drilled as part of the farm-in, Hudson-1, is planned to commence drilling in late June 2008. Hudson-1 is located 20 kilometers south west of Cuisinier-1 and will test a seismically defined structure.