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

Offshore

Hercules Offshore Shares Fall 33%

Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0.

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Mexico Approves 5 Shallow Water Areas in Round One Oil Tender

Mexico has approved the terms for five shallow water areas containing around 355 million barrels of oil equivalent as part of its Round One tender to open up the country's oil fields,

Energy

GasLog Post 4Q 2014 Results

GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31,

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

News

USCG Free Boat from Ice Near Woods Hole

A Coast Guard crew responded to a fishing vessel trapped in ice in Woods Hole Passage, Woods Hole, Massachusetts, Saturday. At about 3 p.m., the crew of the fishing boat Capt.

Tug Boat Owner Jailed After Crew Man Dies

A tug boat owner was today was given an 8 month custodial sentence after his crew member died trying to reattach a tow line in a violent storm. During today’s hearing at Southampton Crown Court,

COMPIT to Showcase Smarter Ships, Systems & Solutions

The 14th International Conference on Computer and IT Applications in the Maritime Industries (COMPIT) will take place from 11th to 13th May 2015 in Ulrichshusen, Germany.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction
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: 0.1498 sec (7 req/sec)