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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Viking Supply Ships Sell PSV 'SBS Cirrus'

Rederi AB TransAtlantic subsidiary Viking Supply Ships says it has sold the 1985 built platform supply vessel SBS Cirrus. The vessel has been delivered to its new owners,

SBM Offshore Announces Thunder Hawk Tiebacks

SBM Offshore is pleased to announce it has signed a Production Handling Agreement (PHA) with Noble Energy to produce the Big Bend and Dantzler fields to the

Fifth Jackup Contract for Keppel from Gulf Drilling

Keppel FELS Limited, a wholly owned subsidiary of Keppel Offshore & Marine, has secured a contract from Gulf Drilling International Ltd. of Qatar to build a

Energy

SBM Offshore Announces Thunder Hawk Tiebacks

SBM Offshore is pleased to announce it has signed a Production Handling Agreement (PHA) with Noble Energy to produce the Big Bend and Dantzler fields to the

Fifth Jackup Contract for Keppel from Gulf Drilling

Keppel FELS Limited, a wholly owned subsidiary of Keppel Offshore & Marine, has secured a contract from Gulf Drilling International Ltd. of Qatar to build a

Fugro Takes Delivery of 2nd Coastal Survey Vessel from Damen

Fugro yesterday took delivery of its second of the three Fugro Offshore Coastal Survey Vessels (FOCSV) being built by Damen. The Fugro Pioneer is a compact,

News

Bangladeshi Albedo Survivors Helped by their Govt.

Yesterday, 16th September 2014, Chirag Bahri, MPHRP's Regional Director for South Asia, attended a ceremonial event organised by the Ministry of Shipping, Bangladesh

Simmons Assumes Command of USS James E. Williams

Capt. Anthony L. Simmons relieved Cmdr. Curtis B. Calloway as commanding officer of the guided-missile destroyer USS James E. Williams (DDG 95) at sea on Sept.

CEVA Opens European Center of Logistics Excellence

CEVA Logistics, a leading global supply chain management company, today announced the opening of its first Center of Logistics Excellence in Europe. Situated in Ashby de la Zouch,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1346 sec (7 req/sec)