CALGARY, Feb. 20 /CNW/ - Avery Resources Inc. (TSX-V:ARY) ("Avery" or the
"Corporation") announces a new oil field discovery in the Cooper Basin,
Australia's most prolific onshore petroleum basin.
Wildcat exploration well Toparoa-1 flowed at a rate 1,814 barrels of
42 degree API oil from a six metre oil column in the Hutton Sandstone. The
well was drilled to a depth of 1597 meters in 8 days. Avery Resources holds a
35% interest in the prospect.
"This is a fantastic result for the Avery team. Australia's Cooper Basin
is under-explored by North American standards. We have assembled a very
attractive portfolio of oil prone acreage, and are planning to participate in
at least another 6 to 8 exploration wells in our current Cooper Basin project
areas over the next 12 months," said Avery Resources Chairman and CEO David
Little.
"The operator, Australian company Stuart Petroleum Ltd, has indicated
that it will now move to fast-track production testing and development of
Toparoa-1 which will likely include a second well on the structure and a
modular production facility. It is anticipated that Toparoa-1 should be
producing oil, in a matter of weeks."
"We are delighted to be associated with operator Stuart Petroleum, an
experienced Cooper Basin player that has brought several significant oil
fields onstream, including the Worrier and Acrasia fields," said Mr. Little.
"Avery opened its Australian office in Brisbane just over three months
ago. It is very gratifying to be part of a significant oil discovery so soon.
Our experienced Australian team in conjunction with the Calgary head office
personnel will continue to look for opportunities along trend from existing
oil production," concluded Mr. Little.
Avery Resources Inc. is an international junior oil and gas exploration
company based in Calgary, Alberta that trades on the TSX Venture Exchange. The
company is committed to growing shareholder value through international
acquisitions and exploration. Avery's primary interest is in expanding
exploration projects in oil and gas basins located in countries that provide
significant exploration upside coupled with favourable fiscal and legal
systems.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Forward looking statements: Except for statements of historical fact, all
statements in this press release, without limitation, regarding new projects,
acquisitions, future plans and objectives are forward-looking statements which
involve risks and uncertainties. There can be no assurance that such
statements will prove to be accurate; actual results and future events could
differ materially from those anticipated in such statements.
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