Avery Resources Abandons Latest Well in Australia

Avery Resources reports that the Pine-1 well in PEL-103, Queensland, Australia was drilled to a total depth of 2,687 meters. The operator, Innaminicka Petroleum, tested the Tirawarra Sandstone and confirmed the presence of hydrocarbons, however the log interpretations indicated a non-reservoir quality formation. The well will be plugged and abandoned.

The Pine-1 well was the first of a two well program scheduled with Innamincka on the South Candra block of PEL 103. Including the second South Candra well, Avery plans to drill approximately 8 exploration wells in Australia in 2006. The company has access to over 1.5 million acres of land in the Cooper Basin, where it has identified numerous drilling locations with the potential for significant oil discoveries.