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%
(*) Mosaic Oil N.L. 20%
(*) 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
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.
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