2009-08-19-2007-10-01-2007-12-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
MM
Description

JV to explore, develop Barta, Wompi blocks on 631,000 acres, 222,000 acres in Cooper Basin, Queensland.

Avery Resources Inc., Calgary, (Toronto Venture: ARY) and Santos Ltd., Adelaide, Australia (Australia: STO, Nasdaq: STOSY) will jointly explore and develop two of Avery's land blocks in the Cooper Basin of Queensland, Australia. The Barta and Wompi blocks contain 631,000 acres and 222,000 acres respectively and are currently held by Avery and its partners Bow Energy Limited (Australia: BOW) and privately held, London-based Victoria Petroleum Ltd. The blocks are adjacent to lands held by Santos that are the subject of the Santos Cooper oil project. Avery will be responsible for US$3.9 million (A$4.4 million) of the program and hold 30% working interest in the Wompi Block and 25% in the Barta Block. Santos will fund US$12.4 million (A$14.1 million) and hold 40% in the Wompi Block and 45% in the Barta Block. Bow and Victoria will hold the remaining interest.