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Avery Resources Announces Oil Field Discovery in Cooper Basin, Australia
Avery Resources Announces Oil Field Discovery in Cooper Basin, Australia.
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Feb. 20 /CNW/ - Avery Resources Inc. (TSX-V:ARY) (\"Avery\" or the\n\"Corporation\") announces a new oil field discovery in the Cooper Basin,\nAustralia's most prolific onshore petroleum basin.\nWildcat exploration well Toparoa-1 flowed at a rate 1,814 barrels of \n42 degree API oil from a six metre oil column in the Hutton Sandstone. The\nwell was drilled to a depth of 1597 meters in 8 days. Avery Resources holds a\n35% interest in the prospect.\n\"This is a fantastic result for the Avery team. Australia's Cooper Basin\nis under-explored by North American standards. We have assembled a very\nattractive portfolio of oil prone acreage, and are planning to participate in\nat least another 6 to 8 exploration wells in our current Cooper Basin project\nareas over the next 12 months,\" said Avery Resources Chairman and CEO David\nLittle.\n\"The operator, Australian company Stuart Petroleum Ltd, has indicated\nthat it will now move to fast-track production testing and development of\nToparoa-1 which will likely include a second well on the structure and a\nmodular production facility. It is anticipated that Toparoa-1 should be\nproducing oil, in a matter of weeks.\"\n\"We are delighted to be associated with operator Stuart Petroleum, an\nexperienced Cooper Basin player that has brought several significant oil\nfields onstream, including the Worrier and Acrasia fields,\" said Mr. Little.\n\"Avery opened its Australian office in Brisbane just over three months\nago. It is very gratifying to be part of a significant oil discovery so soon.\nOur experienced Australian team in conjunction with the Calgary head office\npersonnel will continue to look for opportunities along trend from existing\noil production,\" concluded Mr. Little.\n\nAvery Resources Inc. is an international junior oil and gas exploration\ncompany based in Calgary, Alberta that trades on the TSX Venture Exchange. The\ncompany is committed to growing shareholder value through international\nacquisitions and exploration. Avery's primary interest is in expanding\nexploration projects in oil and gas basins located in countries that provide\nsignificant exploration upside coupled with favourable fiscal and legal\nsystems.\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this release.\n\nForward lo...