CALGARY, Feb. 12 /CNW/ - Avery Resources Inc. (TSX-V: ARY) ("Avery" or "the Company") today announced it has completed testing of the Maracoonda-2 exploration well located in the Queensland sector of Australia's Cooper Basin. Marracoonda-2 is part of a three well exploration program on the 236,700 acre Wompi Block. Based on an integrated review of wireline logs, drilling data and the previously reported testing results, a decision has been made to plug and abandon the well.
The Australian operator, Bow Energy Limited, will move the rig immediately to the Gamma-1 well location and drilling of Gamma-1 is expected to commence on or about Sunday, February 18. Gamma-1 is interpreted to be an updip test of a well drilled by the previous operator, which had good oil shows in several zones. Immediately after Gamma-1 the operator plans to move the rig to the Nora-1 well location, the last well in the Wompi Block program. Following drilling of Nora-1, Avery will have earned a 50 percent interest in the block.
About Avery
Avery Resources is an international hydrocarbon exploration and production company based in Calgary, Alberta. The Company is committed to growing shareholder value through international acquisitions and exploration in countries that provide significant exploration upside coupled with favorable fiscal and legal systems. Avery's primary interest is in Australia, where the Company is building a significant presence through production, partnerships, drilling and acquisitions. Avery is focusing its current drilling activity in the Cooper Basin region of Australia.
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