Avery Takes Stake in Australia’s Onshore Cooper-Eromanga Basin
Avery Resources has been notified that it is the preferred tenderer for ATPA 934P, an additional 353,000 acres of highly prospective land in Australia’s Cooper-Eromanga basin.
Avery and its partners have gained access to the ATPA 934P Application Area through the Gazettal competitive bidding process.
More than 11 trillion cubic feet (TCF) of gas and 320 million barrels of hydrocarbon liquids have been found in the Cooper Basin to date and an existing infrastructure network of pipelines and roads facilitates the commercialization of discovered reserves.
The ATPA 934P block consists of one large continuous area located in the central part of the Cooper Basin. It is considered to be highly prospective and holds considerable potential for commercial oil and gas discoveries, being underlain by Permian sediments that have generated significant amounts of oil and gas in this area, and surrounded by mainly Permian and some Triassic gas fields. As well, within four kilometers of the block boundary there have been two significant oil field discoveries in the Jurassic and Lower Cretaceous that attest to the oil potential of the block. The block is under-explored, with no wells drilled and sparse seismic coverage despite the large number of adjacent fields. Several gas pipelines traverse the block.
Avery Resources will serve as operator with 50% interest in the block. Participants include SCGAU with 30% interest and Mosaic Oil subsidiary Continental Oil with 20% interest.