Avery Completes Well in Timor Sea

Avery Resources reports that the Katandra evaluation well located in the Timor Sea off the coast of Australia was drilled to a depth of 1,450 meters, encountering a seven meter column of 48 degree API oil in the Upper Vulcan formation at a depth of 1,369 meters.

Data acquired in the 8.5 inch borehole indicates that a seven meter oil column occurs with an average porosity of approximately 22 percent and multi-Darcy permeability. The well has now been rig-released and operations have been completed. The well is classified as an oil discovery by the operator, OMV Timor Sea Pty Ltd. An initial evaluation is being conducted by the Joint Venture with respect to pool reserves, production capability and other technical data. This information will be released as it becomes available. In addition, the data gained by the drilling of Katandra will be used to further evaluate currently identified and future prospects within the 272 square kilometer ACP 24 licence area where Avery now holds a 10 percent interest.

"We are pleased with the initial Katandra results," said David Little, Chairman and CEO of Avery Resources. "The excellent reservoir quality and the high-grade light oil are favourable attributes for the ongoing evaluation of the ACP 24 license with our joint-venture partners."

Katandra is one of three Avery prospects in Australia, each with a different profile and timeline. Avery's two other Australian prospects are in the Cooper Basin in the Queensland region and the Darling Basin in New South Wales.