Avery Resources Provides Exploration Update
Avery Resources Inc. reported that its Australian operators have confirmed that a three-well back-to-back drilling program in the Wompi Block, located in the Queensland sector of the Cooper Basin in central Australia, and a 3D seismic survey of the Katandra Prospect in the Timor Sea offshore Australia, are both expected to commence in January 2007.
"We are excited to receive drilling and seismic dates from two of our Australian partners," said David Little, Chairman and CEO of Avery Resources. "Our drilling program in the Wompi Block is just the start of a dozen or so wells we have planned over the next 18 months in Australia, and our offshore seismic survey of the Katandra Prospect lies on strike with the Jabiru oilfield, 28 kilometers to the southwest, which has production of over 100 million barrels to date."
Avery has been advised by the operator in the ATP 752P Wompi Block, Bow Energy Ltd., that drilling of the Maracoonda-2 well is expected to commence on January 10, 2007 using the Hunt No.1 drilling rig. Maracoonda-2 will test an interpreted three meters of net oil pay in the Hutton Sandstone first detected in Maracoonda-1. The other two wells in the Wompi Block program will be Gamma-1 and Nora-1. Nora-1 will test a robust structure that is along trend with the Watson and Watson South oil fields, located in the adjoining production license that have produced more than three million barrels of oil to date. Gamma-1 will test a structure that is located up-dip from two wells that had strong oil shows in multiple horizons. The Wompi Block consists of 236,700 acres located in the Queensland sector of the Cooper Basin. Avery has the right to earn up to 50 percent in the block.
Additionally, Avery has been advised by the operator in Block AC/P 24 of the Timor Sea, OMV Australia Ltd., that the Schwarzer 3D seismic survey will commence on or around January 15, 2007. The seismic survey will be carried out to more completely define the Katandra structure and to determine the location of a development well. The structure was discovered in December 2004, when the exploration well, Katandra-1 encountered light sweet crude oil in a Vulcan Sub Basin prospect at a depth of 1,450 meters. The original well, which is situated in approximately 100 meters of water and took approximately two weeks to drill, earned Avery a 10 percent interest in Block AC/P 24, a 67,200 acre permit.
The Corporation granted 1,625,000 options Thursday to new and existing directors of the Corporation, as well as new and existing officers and employees. The options have an exercise price of $0.63 per share, the closing price today on the TSX Venture Exchange, and expire in five years.
Avery Resources is an international hydrocarbon exploration and production company based in Calgary, Alberta. The Company is committed to growing shareholder value through international acquisitions and exploration in countries that provide significant exploration upside coupled with favorable fiscal and legal systems. Avery's primary interest is in Australia, where the Company is building a significant presence through production, partnerships, drilling and acquisitions. Avery is focusing its current drilling activity in the Cooper Basin region of Australia.
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