CALGARY, Oct. 18 /CNW/ - Avery Resources Inc. (TSX-V: ARY) today
announced that its wholly-owned Australian subsidiary, Avery Resources
(Australia) Pty. Ltd., has advanced plans for exploration of the Turban Block,
a 46 square kilometre area in the eastern part of PEL 103, which lies in the
South Australian sector of the Cooper Basin. The Turban Block (PEL 103 T)
covers a large part of the northwestern flank of the regional Innamincka High
feature, immediately updip from the Flax / Juniper oil field. Avery's PEL 103
partner, Innamincka Petroleum, has recently reported that its successful Flax
East 1 well confirms that the Juniper oil discovery and the producing Flax oil
field are connected, forming what may prove to be one of the largest onshore
oilfields in Australia spanning 120 square kilometres of surface area. Avery
plans to earn a 35% interest in the Turban Block by contributing to the cost
of a 3D seismic survey in the second quarter of 2008, and drilling of the
Turban 2 well is planned shortly thereafter. Avery is targeting oil that is
structurally higher and on the east side of a fault that separates it from the
Flax / Juniper pool.
Avery also has the opportunity to earn a 25% interest in the South Candra
Block (PEL 103 SC), located centrally between the Acrasia, Reg Sprigg and
Flax/Juniper oil fields, by contributing to the funding of a well in 2008.
Processing of 3D seismic data over a large portion of the block has been
completed and interpretation by the operator has commenced.
Avery has earned a 25% interest in the southern Aspen Block (PEL 103 A).
This area, with several wells that had strong oil shows, is currently being
assessed for its suitability for 3D seismic acquisition.
This press release featuring a map of PEL 103 and the surrounding area is
available at www.averyresources.com.
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 it is building a significant presence through
partnerships, drilling and acquisitions. Avery is planning 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.
For further information:
For further information: Avery Resources Inc., David Little, Chairman &
CEO, Richard Edgar, President, John Carruthers, Executive Vice President,
(403) 205-2526, Email: firstname.lastname@example.org, Website:
www.averyresources.com; Bryan Mills Iradesso, Ken Wetherell, Investor
Relations, (403) 503-0144 x224, Email: email@example.com