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Avery Withdraws from Latest Australian Exploration and Development Project
Avery Withdraws from Latest Australian Exploration and Development Project.
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, June 4 /CNW/ - Avery Resources Inc. (TSX-V: ARY) ("Avery" or the\n"Company") today announced that its wholly-owned Australian subsidiary, Avery\nResources (Australia) Pty. Ltd., has withdrawn from its exploration and\ndevelopment program in the Taylor Field and ATP 709P (Part 5), as announced on\nMarch 7, 2007. Avery's operating partner, Mosaic Oil N.L., experienced\nsubstantial unforeseen increases in its budgeted cost for the proposed 3D\nseismic program over the Taylor Field area making it impractical for Avery to\nproceed with the program.\n\n\n"While we are disappointed that this arrangement did not work out, we are\ndiscussing other opportunities with Mosaic Oil," said David Little, President\nand CEO of Avery. "In the meantime, our five farm-in programs in the onshore\nAustralian Cooper Basin are progressing, with two seismic programs recently\ncompleted, another one ongoing, and further drilling anticipated in August and\nSeptember. As well, the acquisition of the Schwarzer 3D seismic survey on our\n10 percent owned Katandra prospect in the Timor Sea, offshore Australia, has\nbeen completed and is now being processed. Interpretation and evaluation is\nexpected to be completed by late August of this year with a drill decision to\nfollow."\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.\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 not accept responsibility for the adequacy\n\n\nor accuracy of th...