Business
Avery Resources Wins Bid for Large Highly Prospective Block in Australia's Onshore Cooper-Eromanga Basin
Avery Resources Wins Bid for Large Highly Prospective Block in Australia's Onshore Cooper-Eromanga Basin.
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, Oct. 29 /CNW/ - Avery Resources Inc. (TSX-V: ARY) ("Avery" or\n"the Company") today announced that its wholly-owned Australian subsidiary\nAvery Resources (Australia) Pty. Ltd. has been notified that it is the\npreferred tenderer for ATPA 934P, an additional 1,430 sq km (353,000 acres) of\nhighly prospective land in Australia's Cooper-Eromanga basin. Avery and its\npartners have gained access to the ATPA 934P Application Area through the\nGazettal competitive bidding process.\n\n\nInterests in the block will be:\n\n\nAvery Resources (Australia) Pty Ltd 50% (Operator)\n\n\nSCGAU (Australia) Pty Limited 30%\n\n\n(x) Mosaic Oil N.L. 20%\n\n\n(x) Through its wholly owned subsidiary Continental Oil N.L.\n\n\nIn early 2007, the Queensland Department of Mines and Energy announced\nthe release of 41 large areas in four sedimentary basins, one of the most\nsignificant land releases for several decades. Under state law, certain\nproportions of exploration areas must be relinquished at regular intervals.\nAvery concentrated its bidding on areas in the Cooper Basin because it is the\nmost productive onshore basin in Australia and Avery already has a focus\nthere. More than 11 trillion cubic feet (TCF) of gas and 320 million barrels\nof hydrocarbon liquids have been found in the Cooper Basin to date and an\nexisting infrastructure network of pipelines and roads facilitates the\ncommercialization of discovered reserves. The area that constitutes the ATPA\n934P block was relinquished in late 2006.\n\n\nThe ATPA 934P block consists of one large continuous area located in the\ncentral part of the Cooper Basin. It is considered to be highly prospective\nand holds considerable potential for commercial oil and gas discoveries, being\nunderlain by Permian sediments that have generated significant amounts of oil\nand gas in this area, and surrounded by mainly Permian and some Triassic gas\nfields. As well, within four kilometers of the block boundary there have been\ntwo significant oil field discoveries in the Jurassic and Lower Cretaceous\nthat attest to the oil potential of the block. The block is under-explored,\nwith no wells drilled and sparse seismic coverage despite the large number of\nadjacent fields. Several gas pipelines traverse the block.\n\n\nIn addition to this new block, Avery has established proj...