CALGARY, March 6 /CNW/ - Avery Resources Inc. (TSX-V: ARY) ("Avery" or
"the Company") today announced its 3-dimensional ("3D") seismic survey of the
Katandra Prospect in the Timor Sea, offshore Australia, is planned to begin
this week. Avery has a 10% interest in the Katandra oil discovery, which is
analogous to and lies on strike with the Jabiru oil field, 28 kilometers to
the southwest. Jabiru has produced over 110 million barrels of oil to date.
In December 2004, the Katandra-1 discovery well, situated in
approximately 100 meters of water, drilled a Vulcan Sub-Basin prospect at a
depth of 1,450 meters and encountered a seven meter column of light, sweet,
48 degree API oil. Data has been reworked after the initial well was drilled,
revealing the potential for further drilling.
The Schwarzer survey, which will be conducted by the operator, OMV
Australia Ltd., using the recently-commissioned ship Veritas Voyager, will
cover 681 square kilometers including the 272 square kilometer AC/P 24
Katandra permit. The seismic shoot is expected to be complete in six weeks,
with processing and interpretation of the data expected within six months.
The partners have budgeted US$3.5 million (net $350,000 for Avery) for
the ACP/24 portion of the survey. Completion of the survey satisfies the joint
venture's commitment for the second year of the current five year lease on
David Little, Chairman and CEO of Avery, noted that the Katandra Prospect
will be a very important asset for Avery if future drilling of the lease is
successful. "The aim of the 3D seismic survey is to locate a well that would
establish commerciality. Katandra could be the jewel in Avery's crown," he
said. "We have been awaiting the commencement of this seismic study for some
time and we are very excited to have it underway. Katandra's potential is
This press release, including a map detailing the proposed 3D survey area
and a diagram showing further potential drill locations, is available at
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.
Except for statements of historical fact, all statements in this press
release, without limitation, regarding new projects, acquisitions, and 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, (403) 205-2526, Email: firstname.lastname@example.org,
Website: www.averyresources.com; Iradesso Communications Corp., Ken Wetherell,
Investor Relations, (403) 503-0144 x224, Email: email@example.com