New Standard Energy Hikes Stake in Western Australia Tight Gas Permit

New Standard Energy has reached agreement with Buru Energy to increase its share of the Canning Basin exploration permit EP417 in the company’s Laurel Project from 65 per cent to 100 per cent.

When combined with the neighbouring Seven Lakes SPA, in which New Standard also holds 100 per cent equity, New Standard’s net Laurel Project acreage position will now total 1.46 million acres (5,881 square kilometres) across the Laurel formation, the company said in a statement.

New Standard is currently reprocessing seismic data to select the most prospective site for an EP417 commitment exploration well in 2014.

The company expects that commitment well will target large conventional structures that are similar to Valhalla and Yulleroo in style while evaluating the potential for a major, regionally extensive, tight gas resource across the Laurel Project. 

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