Avery spuds Katandra-1 well in Timor Sea, Australia

Avery Resources Inc. announced it began drilling the Katandra-1 well.

Dec 14th, 2004

Avery Resources Inc. announced it began drilling the Katandra-1 well. The well is in the Sub-Vulcan basin of the Northern Territory, Australia portion of the Timor Sea. The well is in 100 m of water and theOcean Bounty semisubmersible drilling rig is drilling the well. The Ocean Bounty will drill Katandra-1 to 1,500 m TD, which will take approximately two weeks. Avery has a 10% interest in the well that has a recoverable reserve potential of 102 MMbbl. OMV Timor Sea Pty Ltd. operates the well.

Katandra is one of three Avery prospects in Australia, each with a different profile and timeline. Avery's other two Australian prospects are in the Cooper basin in the Queensland region and the Darling basin in New South Wales.

12-14-04

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