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Avery Resources Signs Cooper Basin Agreement with Santos
Avery Resources Signs Cooper Basin Agreement with Santos.
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 27 /CNW/ - Avery Resources Inc. (Avery) (TSX-V: ARY) is\npleased to announce that it has entered into a Letter of Intent, to be\nfollowed by a formal agreement, with Santos Ltd (Santos) whereby Avery and\nSantos will jointly explore and develop, subject to certain terms and\nconditions, two of Avery's large land blocks in the Cooper Basin of\nQueensland, Australia. The blocks are currently held by Avery and its partners\nBow Energy Limited and Victoria Petroleum Limited (Partners). The lands are\nlocated on the oily rim of the Basin and consist of the Barta Block and the\nWompi Block containing 631,000 acres and 222,000 acres respectively. The Barta\nand Wompi Blocks are adjacent to lands held by Santos which are the subject of\nthe Santos Cooper Oil Project (COP). COP is the largest and most comprehensive\nAustralian Exploration and Development Program ever undertaken consisting of a\ncapital expenditure program in excess of $1.3 Billion and incorporating large\n3D seismic surveys and large scale drilling programs (1,000 wells). The\nprogram to date has an overall success ratio including new pool discoveries,\ndevelopment wells and satellite pool discoveries of approximately 80%.\n\n\nThe highlights of the Avery/Santos initiative are as follows:\n\nTotal Program ((x)Australian $):\n\nCapital: $18.5 Million\n\nCost Sharing: Avery 23.95% - $4.4 Million\n Santos 76.05% - $14.1 Million\n\nOperator: Santos Ltd.\n\nComponents:\n\nWompi Block:\n\n4 wells $6.8 Million\n200 Km(2) 3D Seismic 3.4\n ---\n $10.2 Million\n -----\n\nPost Program Interests: Avery 30%\n Santos 40%\n Partners 30%\n\nBarta Block:\n\n3 Wells $6.6 Million\n100 Km(2) 3D Seismic 1.7\n ---\n $8.3 Million\n ----\n\n\nPost Program Interests: Avery 25%\n Santos 45%\n Partners 30%\n\n(x) $1.00 Canadian (equal sign) $1.16 Australian\n\n\nSantos Ltd is a major Australian oil and gas exploration and production\ncompany based in Adelaide with interests and operations in every major\nAustralian petroleum province. Avery's association with Santos will assist in\nreducing the risk of Avery's Cooper Basin exploration program through the\napplication of the above mentioned large 3D programs along with Santos'\nexpertise in all disciplines and its proven track record of finding and\ndeveloping commercial discoveries in the Cooper Basin. Preparation of the\npro...