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Avery Resources Continues Drilling Program in Cooper Basin, Australia
Avery Resources Continues Drilling Program in Cooper Basin, Australia.
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Jan. 23 /CNW/ - Avery Resources Inc. (TSXV:ARY) announces that\nit will begin drilling the Toparoa No. 1 well, located in the Cooper Basin,\nAustralia on or about February 1, 2006. Avery is contributing to the funding\nof Toparoa No. 1 to earn a 35% interest in all petroleum rights from the well,\noperated by Stuart Petroleum Limited, an Australia-based junior oil producer\nfocused on the South Australian Cooper Basin.\nThe Toparoa Prospect was identified from regional three dimensional\nseismic data acquired by Avery and its partner in 2005. Toparoa No. 1 consists\nof multiple oil targets and, if successful, the well will confirm a new oil\nplay in multiple pay zones in the Hutton, McKinlay and Murta Sandstones. The\nstructure is located in Avery's Murteree Block, approximately one kilometre\nsouthwest of the Derrilyn Oil Field, which is currently producing around 2,000\nbarrels of oil per day. If Toparoa No. 1 is successful, Toparoa No. 2 will be\ndrilled immediately afterwards to appraise a southern extension of the\ndiscovery.\nThe drilling of Toparoa No. 1 is part of Avery's ten well drilling\nprogram for 2006-2007 in the Cooper Basin. The company has gained access to\napproximately 1.5 million acres of land through farm-ins with four partners.\nAvery is building a strong presence in Australia through drilling and\npotential strategic acquisitions.\n\"The Toparoa prospect is attractive for Avery due to its location\nadjacent to, and on trend with, the productive Derrilyn oil field,\" stated\nRichard Edgar, President of Avery. \"Potential success will reinforce our view\nthat the Cooper Basin provides first-rate exploration potential. Any success\ncan be converted into cash flow quickly through utilization of existing\ninfrastructure.\"\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 Australia, where\nthe company is building a significant presence through partnerships, drilling\nand acquisitions.\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n or accuracy of this release.\n\nForward looking statements: Except for statements of historical f...