Tests Lead Avery to Abandon Light Fingers
Avery Resources Inc. said that it has completed testing of the Light Fingers-1 exploration well located 2.8 kilometers from the company's oil discovery at Toparoa-1 in Central Australia. Light Fingers is part of a multi-well exploration program in partnership with operator Stuart Petroleum on the Murteree Block in the Cooper Basin. Based on two weeks of drilling and testing of Light Fingers-1, a decision has been made to abandon the well.
By drilling the well, Avery has completed its earning requirements for the balance of the Murteree Block, giving the company a 35 percent working interest in 12,850 acres of the highly prospective Petroleum Exploration License 113.
Toparoa-1, which is expected to be on production by the end of September 2006, has the potential to produce 1,300 to 1,600 barrels of light oil per day. Avery's production interest in the well is 32.67 percent. Toparoa-1 and the Derrilyn Oil Field, located one kilometer northeast, are both on the Murteree High where eight million barrels of oil have been produced to date. Through farm-in agreements with seven partners, Avery has access to more than two million acres (829,221 net) in the Cooper Basin. Avery expects to drill eight to 10 additional wells in the area in 2006 and 2007.
Avery Resources is an international junior oil and gas exploration company based in Calgary, Alberta that trades on the TSX Venture Exchange under the symbol ARY. It is committed to growing shareholder value through international acquisitions and exploration. Avery's primary interest is in Australia, where it is building a significant presence through partnerships, drilling, and acquisitions.
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Company: Avery Resources more info
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