New Standard gets Revised Program for Cooper Basin Approved

By Joseph R. Fonseca
Wednesday, July 30, 2014
New Standard Energy Managing Director Phil Thick

 

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 has now received notification from the South Australian State regulator, the Department of State Development (DSD, formerly DMITRE) that the Company was successful in its application, resulting in:
1. suspension of all work commitments in its five year work program at PEL570 in the Cooper Basin for six months; and
2. deferral of the requirement to undertake a seismic program from Year One to Year Two of the work program, which moves the target completion date for New Standard’s PEL570 seismic survey back 18 months from September 2014 to March 2016.

New Standard holds a 52.5 per cent operator position of PEL570, subject to completion of required exploration activities under a farm-in agreement with Ambassador.

New Standard Energy Managing Director Phil Thick said the six month whole of program suspension and the seismic deferral minimised New Standard’s exploration expenditure in PEL570 for the next 12 months, a postponement New Standard would use to plan and enhance its exploration program to commence drilling in Year Two of the program.

“We have already commenced geological evaluation on PEL570 and are very encouraged about prospects for Basin Centred Gas, with positive results so far,” Mr Thick said. “Origin Energy’s recent farm-in to Senex Energy’s adjacent Cooper Basin acreage has greatly added to the interest and value in our part of the Cooper Basin, which is supported by the current battle to take control of New Standard’s PEL570 minority partner, Ambassador Oil & Gas.”

“There is considerable exploration activity planned in adjacent areas of the Patchawarra Trough in the Cooper Basin over the next 12 months, which we believe will add further value to the acreage position New Standard achieved with its purchase of PEL570 earlier this year,” he added.
 

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

OSV Technology: Notable Designs & Deliveries

Though the market for Offshore Support Vessels (OSVs) is soft, advances in technology, fit and finish in  the sector is unrivaled in any other maritime niche over the past five years.

Four Petrobras Platforms Halt Output Due to Oil Leak

Four Petrobras oil platforms off the northeast coast of Brazil have halted production after a leak of about 7,000 liters of oil was detected coming from a pipeline linking them,

Gondan Lays Keef for IMR Oceanographic Vessel

Gondan Shipyard has celebrated at its facilities in Figueras the keel laying ceremony of the new Oceanographic Research Vessel for the Institute of Marine Research (IMR) of Bergen, Norway.

Energy

Four Petrobras Platforms Halt Output Due to Oil Leak

Four Petrobras oil platforms off the northeast coast of Brazil have halted production after a leak of about 7,000 liters of oil was detected coming from a pipeline linking them,

Oil Price Shock Soon to be Positive Overall for Canada

Canada's economy will start to show more positive effects from the drop in oil prices than negatives from the second quarter onwards, Bank of Canada Governor Stephen Poloz said on Friday.

Total Eyes Sale of its Fuel Retailing Business in Turkey

Total aims to exit its fuel distribution business in Turkey and has asked Societe Generale to lead the sale, sources said on Friday, as the French oil producer

News

Two Rescued from Sinking Shrimp Boat

Two fishermen were rescued from their sinking shrimp boat by a U.S. Coast Guard aircrew Friday off the coast of Saint Simons Island near Brunswic, Georgia.   Watchstanders

IMO: Making Ferries Safer

The International Maritime Organization (IMO) domestic ferry safety conference in Manila April 24 has adopted guidelines to aid the process of reducing the mounting

Judge Orders Migrant Boat to Remain in Custody

An Italian judge on Friday ordered that the presumed captain of a migrant boat that sank with the loss of more than 700 lives should remain in custody after prosecutors

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1755 sec (6 req/sec)