Business
Avery Resources Exploring High-Profile Acreage in Cooper Basin
Avery Resources Exploring High-Profile Acreage in Cooper Basin.
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Aug. 8 /CNW/ - Avery Resources Inc. (TSX-V: ARY) announces that\nit has received the necessary approvals to proceed with exploration of two\nlarge land blocks that are prospective for light oil in the heart of\nAustralia's onshore Cooper Basin petroleum province.\nTwo large high-profile blocks have been granted to Avery and its\nAustralian partners, Bow Energy Ltd. and Victoria Petroleum NL. The partners\nwere able to negotiate a Native Title Agreement which has been endorsed by the\nMinister for Natural Resources, Mines and Water, Queensland. The government\nhas issued an Authority to Prospect, ATP 752P, beginning August 1, 2006 for an\ninitial 12 year term.\nThe grant covers the ATP 752P Wompi Block (236,700 acres) and the ATP\n752P Barta Block (631,100 acres). Avery will fund the drilling of three wells\nin the Wompi Block as well as two wells plus 100 kilometers 2D seismic\nacquisition in the Barta Block, earning a total of 50 percent for each area.\n\"Avery earmarked this acreage as very high priority,\" said David Little,\nChairman and CEO of Avery Resources. \"It's along the oil-prone rim of\nAustralia's most prolific onshore basin. The centre is where most of the gas\nfields are located, but our portfolio concentrates on the oily rim.\"\nMr. Little explained that the joint venture has been encouraged by the\nprospectivity of ATP 752P. The joint venture group has already been working on\nunderstanding the Wompi and Barta blocks, in relation to the nearby oil fields\nand working up drilling prospects. Avery is ready to progress drilling\nprograms in areas that are surrounded or offset by oil fields.\nThe Wompi Block covers 236,700 acres along the basin's southeastern oil\nrim, sharing its borders with nine other production licenses.\n\"We've managed to get a substantial interest in a large land area in a\nvery oily part of the basin. There are 16 oil fields and three gas fields\nwithin six kilometres (3.7 miles) of the Wompi Block boundaries. Most produce\nfrom multiple horizons,\" added David Little. \"There have only been nine wells\ndrilled in the block. That's one well per 26,000 acres. The last one was\ndrilled in 1993, when the oil price dipped below US$20 per barrel.\"\nThe joint venture is currently reprocessing much of the existing seismic\ndatabase. Avery has thus far been able to identify 17 h...