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Avery Resources - Update on Wompi Block Drilling Program in Australia's Cooper Basin
Avery Resources - Update on Wompi Block Drilling Program in Australia's Cooper Basin.
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, March 5 /CNW/ -Avery Resources Inc. (TSX-V: ARY) ("Avery" or\n"the Company") today announced that the Gamma-1 oil exploration well in the\n236,700 acre ATP-752P Wompi Block, located in the Queensland sector of\nAustralia's Cooper Basin, has penetrated the primary target reservoirs without\nencountering commercially significant oil. Minor oil shows were intersected in\nseveral zones within the Namur sandstone (primary target), Westbourne\nFormation (a secondary target), Birkhead (secondary target) and Hutton\nsandstones (primary target). Following evaluation of wireline logs, it was\ndetermined that no further testing was warranted and a decision was made to\nplug and abandon the well.\n\n\nThe Wompi Block Joint Venture has recently agreed to acquire the Watson\nExtension 3D seismic survey, planned for April 2007. This survey will detail\nthree oil fields in the adjacent production license and will be extended into\nthe Wompi Block to detail several structures. The drilling of an optional\nthird farm-in well in the Wompi Block will be delayed until after the 3D\nseismic survey is processed and interpreted.\n\n\nAvery has now earned a 30% interest in the ATP 752P Wompi Block, and has\nthe option to increase to 50% by funding an additional well.\n\n\nAbout Avery\n\n\nAvery Resources is an international hydrocarbon exploration and\nproduction company based in Calgary, Alberta. The Company is committed to\ngrowing shareholder value through international acquisitions and exploration\nin countries that provide significant exploration upside coupled with\nfavorable fiscal and legal systems. Avery's primary interest is in Australia,\nwhere the Company is building a significant presence through production,\npartnerships, drilling and acquisitions. Avery is focusing its current\ndrilling activity in the Cooper Basin region of Australia.\n\n\nDisclaimers\n\n\nExcept for statements of historical fact, all statements in this press\nrelease, without limitation, regarding new projects, acquisitions, and future\nplans and objectives are forward-looking statements which involve risks and\nuncertainties. There can be no assurance that such statements will prove to be\naccurate; actual results and future events could differ materially from those\nanticipated in such statements.\n\n\nThe TSX Venture Exchange does...