CALGARY, July 25 /CNW/ - Avery Resources Inc. (TSX-V: ARY) ("the
Company") today announces has it commenced drilling the Light Fingers No.1
exploration well. This well is the next step in Avery's Australian onshore
Cooper Basin oil exploration multi-well program, which recently resulted in
the discovery of the Toparoa oil field approximately 2.8 kilometers away. The
well is expected to be drilled to a depth of 1,630 meters and will target
light oil objectives in the Hutton Sandstone and Murta Formation. Drilling and
testing will take approximately 12 days. The well will complete Avery's
farm-in earning of the balance of the PEL 113 Murteree Block containing
approximately 13,000 acres, giving the Company a 35 percent working interest
in the block operated by Australian-listed Stuart Petroleum. Light Fingers
No.1 is located approximately 50 kilometers from Moomba in Central Australia.
"Light Fingers is on trend with our successful Toparoa-1 light oil
discovery well, which tested more than 1,800 barrels per day, and with the
Derrilyn oil field which has produced more than 750,000 barrels of oil," said
David Little, chairman and CEO of Avery. "Our expectation is that it will have
similar reservoir properties to Toparoa and Derrilyn."
Avery is also pleased to announce the appointment of John Carruthers as
Executive Vice President. Mr. Carruthers has been an integral part of the
Avery team for the past three years, and his experience and skills have
provided growth and innovation to the Company.
About Avery
Avery Resources is an international junior oil and gas exploration
company based in Calgary, Alberta that trades on the TSX Venture Exchange
under the symbol ARY. The Company is committed to growing shareholder value
through international acquisitions and exploration. Avery's primary interest
is in Australia, where the Company is building a significant presence through
partnerships, drilling and acquisitions. A successful oil well (Toparoa-1) was
recently drilled by Avery and its partner in the Cooper Basin region of
Australia where Avery is planning to drill up to eight wells over the next
year.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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