New Standard Energy is looking to farm-down its interest in its two tenements located in the Canning Basin, Western Australia. EP 481 and EP 482 are located onshore in the east of the basin. New Standard were looking to share the risk and reduce its costs for the committed work programmes and had contracted Miro Advisors to assist. However, both permits are due to expire on 15 August 2018, limiting the work programmes.   On 30 April 2018, New Standard reported that it was continuing its interest in exploration activities in the Canning Basin and on 14 May 2018, applications were submitted to the Department of Mines, Industry Regulations and Safety (DMIRS) to renew the permits. The decision is currently under assessment. New Standard further reported on 30 July 2018 that if the applications are successful, and if additional funding is secured, the company will continue exploration within the permit.   One exploration well in each permit is due in the last work terms. With these not completed, along with the renewal applications, New Standard has lodged applications to vary the work commitments to maintain a good standing. The decisions also remain under assessment by DMIRS.  On 22 June 2018, New Standard completed a capital funding placement valued at nearly AUD 500,000. The funds were expected to be used to identify new opportunities and continue with rehabilitation obligations for historic exploration licences within in the Canning Basin.  Four conventional prospects have been outlined across the permits totalling 1.18 Tcf of prospective gas-in-place resources (New Standard, 2012). Condon, Crostella, Logan and Teichert prospects are located in Lower Cretaceous sands of the Byro and Wooramel Groups. Additional shale gas targets have also been identified by New Standard but the current Western Australia moratorium on hydraulic fracturing reduces the likelihood of further exploration for these leads.  The farm-out originally included a wider range of New Standardâs assets, across the Canning and Carnarvon basins. The licences were available to farminees either as a package or as individual licences.Â  New Standard was looking for a partner or multiple partners, to acquire interest via farm-in to EP 481 and EP 482, but also permits EP 451, and EP 456 and applications STP-EPA-0006, STP-EPA-0007, STP-EPA-0010 and STP-EPA-0092. The two permits EP 451 and EP 456 were relinquished in late 2016 and are now no longer valid. New Standard had also reported that it requested the Western Australia DMP to not pursue its applications.  New Standard Energy holds 100% in the Merlinleigh permits, which consist of EP 481 and EP 482, covering a total area of 5,482 sq km.Â  Both permits were awarded on 16 August 2012 and are due to expire or be renewed on 15 August 2018.Â  New Standard reports that the permits are prospective for both conventional and shale plays.Â  The permits are located close to the Dampier to Bunbury pipeline and New Standard considered feed gas to the domestic market would form a viable development scheme in the event of a gas discovery.  Parties interested in pursuing this opportunity should contact:  Mr Xiaofeng Li, Managing Director,    Tel: +61 89481 7477
New Standard Energy is looking to farm-down its interest in its two tenements located in the Canning Basin, Western Australia. EP 481 and EP 482 are located onshore in the east of the basin. New Standard were looking to share the risk and reduce its costs for the committed work programmes and had contracted Miro Advisors to assist. 