Avery Updates Timing for Offshore Australia Well

Avery Resources reports that the operator of the Katandra-1 offshore Australia exploration well is currently anticipating a spud date of November 26, 2004.

Avery is participating as to a 10% interest in the drilling of a 1,550 meter (5,100 ft) Jurassic test at Katandra in the Vulcan Sub-basin of the Timor Sea, Australia. The well will be located in 110 meters of water and has a recoverable reserve potential of 102 million barrels of oil and potential production rates in excess of 15,000 barrels of oil per day. The Katandra drilling location is seismically defined with the nearest on-trend analog being the Jabiru Oilfield located 28 km southeast. The Jabiru Oilfield has produced in excess of 100 million barrels of oil to date.

At South Larne, Northern Ireland, Avery announces a new timeline for evaluating seismic and reaching a drilling decision on the South Larne natural gas exploration project. A revised program of exploration that accounts for extended timing was submitted to the Department of Enterprise Trade and Industry and has been accepted.

The partners in the project expect to complete the current uphole seismic program, reprocess and reevaluate the seismic lines and arrive at a drill decision during the first half of 2005. The revised timing is generally attributable to an abbreviated field season and lack of acceptable contractor bids. Both situations have been remedied.

Avery has increased its interest in the project to 57.14%. Antrim Energy Inc. (42.5%) continues as the operator.