CALGARY, Jan. 23 /CNW/ - Avery Resources Inc. (TSXV:ARY) announces that
it will begin drilling the Toparoa No. 1 well, located in the Cooper Basin,
Australia on or about February 1, 2006. Avery is contributing to the funding
of Toparoa No. 1 to earn a 35% interest in all petroleum rights from the well,
operated by Stuart Petroleum Limited, an Australia-based junior oil producer
focused on the South Australian Cooper Basin.
The Toparoa Prospect was identified from regional three dimensional
seismic data acquired by Avery and its partner in 2005. Toparoa No. 1 consists
of multiple oil targets and, if successful, the well will confirm a new oil
play in multiple pay zones in the Hutton, McKinlay and Murta Sandstones. The
structure is located in Avery's Murteree Block, approximately one kilometre
southwest of the Derrilyn Oil Field, which is currently producing around 2,000
barrels of oil per day. If Toparoa No. 1 is successful, Toparoa No. 2 will be
drilled immediately afterwards to appraise a southern extension of the
discovery.
The drilling of Toparoa No. 1 is part of Avery's ten well drilling
program for 2006-2007 in the Cooper Basin. The company has gained access to
approximately 1.5 million acres of land through farm-ins with four partners.
Avery is building a strong presence in Australia through drilling and
potential strategic acquisitions.
"The Toparoa prospect is attractive for Avery due to its location
adjacent to, and on trend with, the productive Derrilyn oil field," stated
Richard Edgar, President of Avery. "Potential success will reinforce our view
that the Cooper Basin provides first-rate exploration potential. Any success
can be converted into cash flow quickly through utilization of existing
infrastructure."
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 Australia, where
the company is building a significant presence through partnerships, drilling
and acquisitions.
The TSX Venture Exchange 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.
