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Avery Resources Spuds First Well in Cooper Basin Agreement with Santos
CALGARY, April 21 /CNW/ - Avery Resources Inc. (TSX-: ARY) ("Avery" or "the Company") is pleased ...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, April 21 /CNW/ - Avery Resources Inc. (TSX-: ARY) ("Avery" or\n"the Company") is pleased to announce the start of its 2008 Australian\ndrilling program with the spud of Cuisinier-1 on April 21 as part of a Joint\nVenture with Santos Ltd. ("Santos"), Bow Energy Limited and Victoria Petroleum\nLimited on the Cooper-Eromanga Basin permit ATP 752P located in Queensland,\nAustralia. This dual target well will test the hydrocarbon potential within\nthe Hutton Sandstone and the Doonmulla Member (Tinchoo Formation) in a\nstructural high located approximately 6 km west of the Santos operated Cook\noil field. Avery entered into a formal agreement with Santos in October, 2007\nto jointly explore and develop the Barta Block (631,000 acres) and the Wompi\nBlock (222,000 acres) within ATP752P. The Barta and Wompi Blocks are adjacent\nto lands held by Santos which are the subject of an accelerated exploration\nand development program being undertaken as part of the Santos Cooper Oil\nProject.\n\n\nAvery has the option to drill up to 3 wells to earn up to 25% interest in\nthe Barta Block. Avery will be carried on 100 sq km of 3D seismic and will pay\nthe costs equivalent to 1.45 wells to earn its interest. The Cuisinier 1 well\nis the first well of this program. The second well, named Hudson 1, is\nscheduled to spud by the end of June. Avery has the option to drill up to 4\nwells on the Wompi Block to earn up to 30% interest. Avery will be carried on\nthe first three wells and on 200 sq km of 3D seismic and pay only 0.45 of one\nwell to earn its interest. The first well on the Wompi Block is expected to be\ndrilled in the 3rd quarter of 2008. Total capital exposure to Avery for the\nSantos Joint Venture is estimated at $4.2 Million.\n\n\nAvery's association with Santos will assist in reducing the risk of\nAvery's Cooper Basin exploration program through the application of the above\nmentioned large 3D seismic programs. Avery will also benefit from Santos'\nexpertise in all disciplines and its proven track record in finding and\ndeveloping commercial discoveries in the Cooper Basin.\n\n\nAbout Avery\n\n\nAvery Resources is an international junior oil and gas exploration\ncompany based in Calgary, Alberta that trades on the TSX under the symbol ARY.\nThe Company is committed to growing shareholder va...