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Avery Resources Begins 3D Seismic Survey of Offshore Australian Prospect on Trend with 110 Million Barrel Jabiru Field
Avery Resources Begins 3D Seismic Survey of Offshore Australian Prospect on Trend with 110 Million Barrel Jabiru Field.
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, March 6 /CNW/ - Avery Resources Inc. (TSX-V: ARY) ("Avery" or\n"the Company") today announced its 3-dimensional ("3D") seismic survey of the\nKatandra Prospect in the Timor Sea, offshore Australia, is planned to begin\nthis week. Avery has a 10% interest in the Katandra oil discovery, which is\nanalogous to and lies on strike with the Jabiru oil field, 28 kilometers to\nthe southwest. Jabiru has produced over 110 million barrels of oil to date.\n\n\nIn December 2004, the Katandra-1 discovery well, situated in\napproximately 100 meters of water, drilled a Vulcan Sub-Basin prospect at a\ndepth of 1,450 meters and encountered a seven meter column of light, sweet,\n48 degree API oil. Data has been reworked after the initial well was drilled,\nrevealing the potential for further drilling.\n\n\nThe Schwarzer survey, which will be conducted by the operator, OMV\nAustralia Ltd., using the recently-commissioned ship Veritas Voyager, will\ncover 681 square kilometers including the 272 square kilometer AC/P 24\nKatandra permit. The seismic shoot is expected to be complete in six weeks,\nwith processing and interpretation of the data expected within six months.\n\n\nThe partners have budgeted US$3.5 million (net $350,000 for Avery) for\nthe ACP/24 portion of the survey. Completion of the survey satisfies the joint\nventure's commitment for the second year of the current five year lease on\nACP/24.\n\n\nDavid Little, Chairman and CEO of Avery, noted that the Katandra Prospect\nwill be a very important asset for Avery if future drilling of the lease is\nsuccessful. "The aim of the 3D seismic survey is to locate a well that would\nestablish commerciality. Katandra could be the jewel in Avery's crown," he\nsaid. "We have been awaiting the commencement of this seismic study for some\ntime and we are very excited to have it underway. Katandra's potential is\nsignificant."\n\n\nThis press release, including a map detailing the proposed 3D survey area\nand a diagram showing further potential drill locations, is available at\nwww.averyresources.com.\n\n\nAbout Avery\n\n\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...