Avery Spuds Katandra-1 Well Timor Sea Australia
|Monday, December 13, 2004
Avery Resources reports that drilling began on the Katandra-1 well today. The well is located in the Sub-Vulcan basin of the Northern Territory, Australia portion of the Timor Sea. The well is situated in approximately 100 meters of water and is being drilled by the Ocean Bounty semi-submersible drilling rig. Katandra-1 will be drilled to a total depth of 1,500 meters and will take approximately two weeks to drill. Avery has a 10% interest in the well which has a recoverable reserve potential of 102 million barrels and is being operated by OMV Timor Sea Pty Ltd.
Katandra is one of three Avery prospects in Australia, each with a different profile and timeline. Avery's other two Australian prospects are located in the Cooper Basin in the Queensland region and the Darling Basin in New South Wales.