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Avery Resources Continues Cooper Basin Drilling Program with Toparoa Look-Alike
Avery Resources Continues Cooper Basin Drilling Program with Toparoa Look-Alike.
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, March 30 /CNW/ - Avery Resources Inc. (TSX-V: ARY) updates its\nmulti-well drilling program in the Cooper Basin region of Australia. The next\nwell in this program will be a second exploration well on the company's joint\nventure Murteree lands. This well, named Light Fingers-1, is located\napproximately four kilometers southwest of the Toparoa-1 oil discovery. Light\nFingers is a similar prospect to Toparoa, identified using the same 3D seismic\nand also targeting the Hutton Sandstone at a depth around 1,600 metres.\nLight Fingers-1 is expected to take less than 10 days to drill, as was\nthe case with Toparoa-1. Avery plans to drill the well in June or July of\n2006. Exact timing is yet to be determined due to rig scheduling. Upon\ndrilling of Light Fingers-1, Avery will have earned a 35 percent interest in\nthe entire 12,850-acre PEL 113 Murteree Block.\nTest results from Toparoa-1 were announced by Avery on February 20, 2006.\nAs announced, the well flowed at a rate of 1,814 barrels of 42 degree API oil\nfrom a six metre oil column in the Hutton Sandstone. The joint venture\npartners plan to begin production from Toporoa-1 in May 2006, once all\nphysical and regulatory requirements have been met. Based on test results and\nanalogous wells in the area, Avery predicts that production from the well is\nlikely to start at between 1,300 and 1,600 barrels per day, with Avery having\na 35 percent interest. Produced oil will be trucked daily to Moomba,\napproximately 45 kilometres away. The oil will travel the Moomba-Port Bonython\npipeline and will be loaded onto tankers for international shipping. Pricing\nfor Avery's Toparoa oil production will be based on the Tapis crude oil price,\nan Asian index similar to WTI and Brent. Based on current prices, the field\nnetback for the production would be approximately CDN $50 per barrel.\nBeyond the forthcoming drilling on the PEL 113 Block at Light Fingers as\ndescribed above, Avery is planning to participate in another six to eight\nexploration wells on other Cooper Basin project areas. The bulk of this\ndrilling is scheduled for the last few months of 2006 and would be expected to\ncarry on into 2007.\nOn the Barta/Wompi Blocks, Avery hopes to drill up to five wells before\nthe end of 2006, subject to the clearing of native titles. Drilling could\nbegin as soon as July...