Business
Avery Resources Provides India and Australia Operations Update Including Provisional Award of Large NELP VII Block in India
CALGARY, July 9 /CNW/ - Avery Resources Inc. (TSX: ARY) ("Avery" or "the Company") today provided...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, July 9 /CNW/ - Avery Resources Inc. (TSX: ARY) ("Avery" or "the\nCompany") today provided an update on its operations in India and Australia.\n\n\nAvery's wholly owned subsidiary, Bengal Energy International Inc.\n("Bengal"), along with its two joint bidding partners, has received the\nSeventh New Exploration Licensing Policy ("NELP VII") provisional award of\nBlock CY-ONN-2005/1 (the "Block"). The Block is a 946 square kilometer\n(233,761 acre) land block located in the Cauvery Basin, a Category 1 proven\nproducing basin in southeast India. Avery has a 30% interest in the Block. The\noperator of the Block, GAIL (India) Limited ("GAIL"), holds a 40% interest and\nGujarat State Petroleum Corporation ("GSPC") holds a 30% interest. NELP VII\nbids closed on June 30 and the formal award of blocks is expected by the end\nof August, after verification of data in the submitted bid documents. The\nformal government signing ceremony is expected to take place by the end of\nSeptember.\n\n\nThe bidding process featured 57 blocks - 28 offshore and 29 on land.\nThere were 181 bids in total from 75 Indian and 21 foreign companies. Of the\n21 foreign firms, only four, including Bengal, were successful.\n\n\n"The NELP VII provisional award is a tremendous accomplishment for us,"\nsaid Bradley Johnson, Chief Executive Officer of Avery. "We believe the Block\nmay contain over four times the potential resources of all of the Company's\nexisting on-shore and off-shore interests. As well, we have strengthened\nrelationships with some very large key players in India, and we believe we can\nadd value for them by applying our strong technical and operational\nexperience, as well as our access to Canadian practices and technologies, not\nonly to the Block, but also to other oil and gas properties that they own and\noperate."\n\n\nAvery has established two valuable alliances through the NELP VII bidding\nprocess. GAIL controls 78% of India's gas infrastructure and has interests in\n27 oil and gas and three coal bed methane (CBM) blocks in India, operational\npresence in China, Egypt, Oman and other countries, and interests in liquid\nnatural gas (LNG) facilities. GSPC has interests in 42 oil and gas blocks in\nIndia, interests in oil and gas blocks i...