New Standard gets Revised Program for Cooper Basin Approved
New Standard Energy Limited (New Standard) advises that it has received approval for amendments to its five year work program in PEL570 in the Cooper Basin. As part of the revised program, New Standard now has seismic and drilling to commence in Year Two before the new deadline of March 2016, with only minor expenditure on geological studies in Year One required before then. New Standard requested a suspension of the work program for PEL570 acreage and a deferral of the planned seismic due to the uncertainty surrounding the ownership of the Company’s PEL570 joint venture partner, Ambassador Oil and Gas Limited (ASX: AQO, Ambassador), which is the subject of two competing takeover offers.
New Standard Defers Western Australian Exploration Program
New Standard Energy Limited (New Standard) advises that the Southern Canning Joint Venture (SCJV) has agreed to delay drilling of the Brooke North-1 well until late 2015. In line with this the Company plans to defer all of its Canning and Carnarvon Basin drilling activity until 2015. Unfortunately delays in receiving various stakeholder approvals required for the drilling of the Brooke North-1 well have made it impossible to drill the well prior to this year’s wet season. As a result New Standard, with the support of its SCJV partners (ConocoPhillips and PetroChina), has been in discussions with the State Government and the Department of Mines & Petroleum (DMP) to ensure that the delay does not jeopardise the tenure of the SCJV permits.
