Business
Avery Resources Adds 365,000 Acres to Cooper Basin Portfolio in Australia
Avery Resources Adds 365,000 Acres to Cooper Basin Portfolio in Australia.
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, May 3 /CNW/ - Avery Resources Inc. (TSX-V: ARY) is pleased to\nannounce that it has increased its portfolio by gaining entry to another large\nland block along the highly prospective southeastern oil rim of the Cooper\nBasin in Australia. Avery has concentrated its onshore activities on\nAustralia's most prolific hydrocarbon province. Avery has executed a binding\n\"Heads of Agreement\" with Sunshine Gas Limited (Sunshine) on ATP 789P located\nin the Cooper Basin oil province of western Queensland. Avery will earn a 40\npercent interest in the entire ATP 789P in return for funding a 150 kilometre\n2D seismic program and drilling one well. Sunshine will remain operator.\nATP 789P occupies 1,478 square kilometres ((greater than)365,000 acres)\nand shares its western boundary with the Kenmore and Bodalla South production\nlicences. The Kenmore oil field has produced more than 12 million barrels and\nBodalla South has produced 6 million barrels of oil to date. The Bargie oil\ndiscovery adjoins the eastern permit boundary. A map of ATP 789P is available\non Avery's website at the following web\naddress:http://www.averyresources.com/images/ary-sunshinemap.jpg\n\"Our team is encouraged by this block's proximity to two significant oil\nfields along the southeastern rim of the Cooper Basin. This is an area where\nour technical team has significant experience and expertise,\" says Avery\nChairman and CEO David Little. \"Meanwhile, the fact that only three wells have\nbeen drilled in this large permit means that it is under-explored and provides\nan attractive exploration opportunity for Avery.\"\nAvery's joint venture with Sunshine is effective March 1, 2006. On the\nbasis of existing seismic data covering portions of the block, Avery has\nidentified several structures in the licence that will be candidates for\nadditional 2D seismic. The goal of the seismic program will be to high grade\nthe structures for drilling. Targets in the licence are expected to be in the\nvicinity of the producing Kenmore and Bodalla South fields. At this stage\nSunshine is aiming to commence seismic acquisition later this year with\nsubsequent oil exploration drilling early in 2007.\nAvery looks forward to joining Sunshine in the exploration of this\nexciting oil-prone Cooper Basin Block. Avery now has onshore Cooper Basin\nprojects with Stu...