CALGARY, June 9 /CNW/ - Avery Resources Inc. (TSX: ARY) ("Avery" or "the
Company") today provided an update on its operations in India and Australia.
The Company has signed a Joint Bidding Agreement with one of India's
government-owned national oil companies and a large Indian private sector
energy company, to participate in the upcoming Seventh New Exploration
Licensing Policy ("NELP VII") Round of land parcels offered by the Indian
government for oil and gas exploration. In Australia, Avery has begun drilling
the second well of its 2008 drilling program and plans to begin drilling a
third well in late June.
Avery's new management team has chosen to bid in the NELP VII Round for
several reasons. India is a net importer of oil and gas, producing only 25% of
its petroleum requirements, and is the world's fourth largest consumer of
energy. As a Commonwealth country and the world's largest democracy, it has a
long-established history of British common law and an attractive fiscal
environment. NELP bidding rounds are generally held every year, and over the
last six years some of the world's largest oil and gas discoveries have been
made in India. Avery's bidding partners are experienced with the NELP process
and are well capitalized, greatly improving Avery's chances of success. The
deadline for bids is June 30, 2008.
In Australia, Avery will begin drilling this week, the second well in a
seven-well drilling program with its joint venture partner Santos Ltd.
(ASX: STO, NASDAQ: STOSY) ("Santos"), a major Australian oil and gas
exploration and production company. Santos expects the well, located in the
Queensland sector of Australia's Cooper Basin, to be drilled to a depth of
2,434 meters. This exploration test is located 20 kilometers southwest of the
Company's most recent well, and will test a structural oil prospect mapped on
the same trend as the recent oil discovery.
The first well drilled pursuant to the Santos-operated joint venture,
discovered six meters of potential oil pay within a new zone for the area, the
Murta Sandstone. This well is expected to be completed in mid-July and oil
will be transported through existing infrastructure operated by Santos. The
new oil well is located six kilometers west of the Santos-operated Cook Oil
Field. Avery entered into a formal agreement with Santos in October 2007 for a
seven-well program to jointly explore and develop the Barta and Wompi blocks
within ATP-752P. These blocks are adjacent to lands subject to an accelerated
drilling program by Santos.
Avery plans to begin drilling the third well in its 2008 Australian
drilling program, in late June on the 13,100 acre Murteree sub-block of
PEL-113 in the South Australian sector of the Cooper Basin. Avery has earned a
35% interest in the block. The well is located 4 kilometers northwest of
Avery's Toparoa-1 oil discovery. Australian exploration and production company
Stuart Petroleum Limited will be the operator.
Avery Resources is an international junior oil and gas exploration and
production company based in Calgary, Alberta. The Company is committed to
growing shareholder value through international acquisitions and exploration.
Avery is active in Australia and is reviewing opportunities in India, Libya
and Madagascar. Avery trades on the TSX under the symbol ARY.
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.
For further information:
For further information: Avery Resources Inc., Bradley Johnson, Chief
Executive Officer, Chayan Chakrabarty, President, (403) 205-2526, Email:
firstname.lastname@example.org, Website: www.averyresources.com