Business
Avery Resources Completes Testing of Light Fingers Well
Avery Resources Completes Testing of Light Fingers Well.
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Aug. 7 /CNW/ - Avery Resources Inc. (TSX-V: ARY) announced today\nthat it has completed testing of the Light Fingers-1 exploration well located\n2.8 kilometres from the Company's oil discovery at Toparoa-1 in Central\nAustralia. Light Fingers is part of a multi-well exploration program in\npartnership with operator Stuart Petroleum on the Murteree Block in the Cooper\nBasin. Based on two weeks of drilling and testing of Light Fingers-1, a\ndecision has been made to abandon the well.\nBy drilling the well, Avery has completed its earning requirements for\nthe balance of the Murteree Block, giving the Company a 35 percent working\ninterest in 12,850 acres of the highly prospective Petroleum Exploration\nLicense 113.\nToparoa-1, which is expected to be on production by the end of September\n2006, has the potential to produce 1,300 to 1,600 barrels of light oil per\nday. Avery's production interest in the well is 32.67 percent. Toparoa-1 and\nthe Derrilyn Oil Field, located one kilometre northeast, are both on the\nMurteree High where eight million barrels of oil have been produced to date.\nThrough farm-in agreements with seven partners, Avery has access to more than\ntwo million acres (829,221 net) in the Cooper Basin. Avery expects to drill\neight to 10 additional wells in the area in 2006 and 2007.\n\nAbout Avery\n\nAvery Resources is an international junior oil and gas exploration\ncompany based in Calgary, Alberta that trades on the TSX Venture Exchange\nunder the symbol ARY. It is committed to growing shareholder value through\ninternational acquisitions and exploration. Avery's primary interest is in\nAustralia, where it is building a significant presence through partnerships,\ndrilling and acquisitions.\n\nForward-looking statements: Except for statements of historical fact, all\nstatements in this press release, without limitation, regarding new projects,\nacquisitions, future plans and objectives are forward-looking statements which\ninvolve risks and uncertainties. There can be no assurance that such\nstatements will prove to be accurate; actual results and future events could\ndiffer materially from those anticipated in such statements.\n\n>\n\n\n","length":2370,"tagName":"div"}]