CALGARY, Aug. 7 /CNW/ - Avery Resources Inc. (TSX-V: ARY) announced today
that it has completed testing of the Light Fingers-1 exploration well located
2.8 kilometres from the Company's oil discovery at Toparoa-1 in Central
Australia. Light Fingers is part of a multi-well exploration program in
partnership with operator Stuart Petroleum on the Murteree Block in the Cooper
Basin. Based on two weeks of drilling and testing of Light Fingers-1, a
decision has been made to abandon the well.
By drilling the well, Avery has completed its earning requirements for
the balance of the Murteree Block, giving the Company a 35 percent working
interest in 12,850 acres of the highly prospective Petroleum Exploration
License 113.
Toparoa-1, which is expected to be on production by the end of September
2006, has the potential to produce 1,300 to 1,600 barrels of light oil per
day. Avery's production interest in the well is 32.67 percent. Toparoa-1 and
the Derrilyn Oil Field, located one kilometre northeast, are both on the
Murteree High where eight million barrels of oil have been produced to date.
Through farm-in agreements with seven partners, Avery has access to more than
two million acres (829,221 net) in the Cooper Basin. Avery expects to drill
eight to 10 additional wells in the area in 2006 and 2007.
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. It is committed to growing shareholder value through
international acquisitions and exploration. Avery's primary interest is in
Australia, where it is building a significant presence through partnerships,
drilling and acquisitions.
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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