CALGARY, Oct. 29 /CNW/ - Avery Resources Inc. (TSX-V: ARY) ("Avery" or "the Company") today announced that its wholly-owned Australian subsidiary Avery Resources (Australia) Pty. Ltd. has been notified that it is the preferred tenderer for ATPA 934P, an additional 1,430 sq km (353,000 acres) of highly prospective land in Australia's Cooper-Eromanga basin. Avery and its partners have gained access to the ATPA 934P Application Area through the Gazettal competitive bidding process.
Interests in the block will be:
Avery Resources (Australia) Pty Ltd 50% (Operator)
SCGAU (Australia) Pty Limited 30%
(x) Mosaic Oil N.L. 20%
(x) Through its wholly owned subsidiary Continental Oil N.L.
In early 2007, the Queensland Department of Mines and Energy announced the release of 41 large areas in four sedimentary basins, one of the most significant land releases for several decades. Under state law, certain proportions of exploration areas must be relinquished at regular intervals. Avery concentrated its bidding on areas in the Cooper Basin because it is the most productive onshore basin in Australia and Avery already has a focus there. More than 11 trillion cubic feet (TCF) of gas and 320 million barrels of hydrocarbon liquids have been found in the Cooper Basin to date and an existing infrastructure network of pipelines and roads facilitates the commercialization of discovered reserves. The area that constitutes the ATPA 934P block was relinquished in late 2006.
The ATPA 934P block consists of one large continuous area located in the central part of the Cooper Basin. It is considered to be highly prospective and holds considerable potential for commercial oil and gas discoveries, being underlain by Permian sediments that have generated significant amounts of oil and gas in this area, and surrounded by mainly Permian and some Triassic gas fields. As well, within four kilometers of the block boundary there have been two significant oil field discoveries in the Jurassic and Lower Cretaceous that attest to the oil potential of the block. The block is under-explored, with no wells drilled and sparse seismic coverage despite the large number of adjacent fields. Several gas pipelines traverse the block.
In addition to this new block, Avery has established projects with five operators in Australia's onshore Cooper Basin, totaling 829,221 net acres, and a 10% working interest in the Katandra Prospect in the Timor Sea, offshore Australia. This new project represents an active expansion of Avery's interests in Australia's established petroleum provinces.
This press release featuring maps of Avery's Cooper Basin portfolio and ATPA 934P is available at: http://files.newswire.ca/534/Avery.doc
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 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. Avery has plans to drill up to ten 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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