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Friday, 21 November, 2008, 21:10 GMT | more >>

Avery eyes Queensland treble



By Upstream staff 

Canada’s Avery Resources has sealed a rig sharing deal that allows it to sink three exploration wells to earn a 30% stake in ATP 752P in the Queensland sector of the Cooper-Eromanga basin.

Under the rig share it struck with Beach Petroleum, Avery will use three rig slots for the Hunt Rig 2 to drill the Marracooda-2, Gamma-1 and Nora-1 wells.

Marracooda-2 will twin a well with an interpreted oil column in a zone which produced high oil flow rates from wells in neighbouring blocks, while Gamma-1 and Nora-1 target up to 6.1 million barrels and 6.5 million barrels of recoverable oil respectively.

These wells, along with a recently completed 100 kilometre 2D infill seismic survey, will give Avery a 30% stake in ATP 752P.

Avery also has the option to earn a further 20% in the block by drilling two exploration wells within 18 months of the permit being granted.

On completion of the deal, participants in ATP 752P will be Victoria Petroleum (25%), Avery (50%) and Bow Energy (25%).


Thursday, 09 November, 2006, 02:56 GMT  | last updated: Thursday, 09 November, 2006, 12:34 GMT

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