Business
Avery Resources Announces Australian Production
Avery Resources Announces Australian Production.
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Oct. 11 /CNW/ - Avery Resources Inc. (TSX-V: ARY) today\nannounced it has been advised by the operator that production has commenced at\nits Toparoa-1 oil discovery in the South Australian sector of the Cooper\nBasin. Toparoa-1 initially flowed at 1,570 barrels per day of light (42 degree\nAPI) sweet oil and, after well clean-up, it is currently producing 1,980\nbarrels of oil per day (bopd) plus a 10 percent water cut. Avery has a\n32.67 percent interest in the well, providing approximately 650 barrels of oil\nper day net to Avery at current flow rates.\nAvery's partner in drilling Toparoa-1, Stuart Petroleum Ltd., has stated\nthat an electric submersible pump (ESP) has been installed and production is\nexpected to continue at or near current rates. The well produces from the\nHutton sandstone formation similar to the adjacent Derrilyn oilfield,\n1.3 kilometers to the northeast. With almost the same net pay interval,\nDerrilyn-1 produced approximately 1,400 bopd, totaling about 500,000 barrels\nof oil, from the formation in its first 12 months of production.\n\"We are very excited that Toparoa-1 is producing as expected,\" said David\nLittle, Chairman and CEO of Avery Resources. \"The $1.4 million payment that we\nhave received substantially offsets the delay in production that resulted from\nthe participants' decision to produce the well into the recently completed\npipeline, rather than trucking the oil. This production is expected to put the\nCompany over the 600 barrels of oil equivalent per day (boepd) threshold and\ndramatically improve our cash flow. We look forward to similar successes in\nAustralia as we continue our drilling program in the Cooper Basin.\"\n\nAbout Avery\nAvery Resources is an international hydrocarbon exploration and\nproduction company based in Calgary, Alberta. The Company is committed to\ngrowing shareholder value through international acquisitions and exploration\nin countries that provide significant exploration upside coupled with\nfavorable fiscal and legal systems. Avery's primary interest is in Australia,\nwhere the Company is building a significant presence through production,\npartnerships, drilling and acquisitions. Avery is focusing its current\ndrilling activity in the Cooper Basin region of Australia.\n\nForward looking statements\nExcept for statements of historical ...