NEW STANDARD ENERGY 
By
New Standard Energy Ltd (New Standard) is pleased to advise that as at 12 noon (WST) on Tuesday
8th January 2013 the Gibb Maitland #1 well had been drilled to a depth of approximately 2,166 metres following change out of the bottom hole assembly to include logging while drilling (LWD) tools. Forward operations will include drilling ahead in 12 ¼" hole to the next casing point utilising the revised bottom hole assembly including the LWD tools which will enable better selection of the second casing point (to be located above the primary coring target of the Goldwyer formation) as well as identification of the appropriate coring point once the Goldwyer formation is reached.
The primary objective of the Phase One drilling campaign, including the Gibb Maitland #1 well, is to gather a comprehensive modern data set over the Goldwyer Formation via a detailed evaluation program consisting of mud logging, logging-while-drilling, coring and wireline logging. This data will be used to assess the resource potential of "unconventional" hydrocarbons in shale reservoirs within the Kidson sub-Basin, where New Standard and ConocoPhillips have a dominant acreage position.
Gibb Maitland #1 is strategically located in a central position on the northern slope of the Kidson sub- Basin and will test a different and more favourable geological setting to the first well in the programme (Nicolay #1). The Gibb Maitland #1 region is interpreted as the source area of the migrated oil and gas shows seen in wells to the north of EP 450, and the well is targeting hydrocarbons in-situ within the mature source-rock shales of the Goldwyer Formation.
Drilling is expected to take approximately 65 days (drill, log and suspend) and no horizontal drilling or hydraulic fracturing will be involved in this phase of the program. No testing or flow of hydrocarbons to surface is planned.
During the course of drilling operations weekly drilling updates will be provided to the ASX each Wednesday, or otherwise as required upon the occurrence of any material event. The Company expects to issue the next drilling progress report on Wednesday 16th January 2013, subject to any material events occurring in the meantime.
For further information, please contact:
Sam Willis Cameron Morse Managing Director FTI Consulting Ph: + 61 8 9481 7477 Ph: + 61 8 9485 8888email: swillis@newstandard.com.au email: cameron.morse@fticonsulting.com
New Standard Energy Ltd. | ACN 119 323 385
Level 2, 7 Ventnor Avenue, West Perth WA 6005 | PO Box 1542. West Perth WA 6872 T: + 61 8 9481 7477 | F: +61 8 9486 7670 | www.newstandard.com.auAbout New Standard: New Standard Energy is an emerging hydrocarbon explorer with a mandate to explore for oil and gas.
Its exploration and drilling program is active, well funded and extensive. The company's exploration program is underpinned and complemented by targeted corporate activity to take advantage of opportunities and to build an extensive pipeline of exploration projects. New Standard's board has extensive technical and commercial experience in the oil and gas sector.
New Standard currently has significant cash resources with this cash position to be further supplemented by income being generated from the Colorado County Project in Texas and cash calls under the ConocoPhillips farm-in agreement. The Company is primarily focused on aggressively progressing its oil and gas exploration portfolio focused on the onshore Canning and Carnarvon Basins in W estern Australia. The portfolio includes:
100% (diluting to 25%) operated interest in EP's 443, 450, 451, 456 in W estern Australia's Canning Basin
100% (diluting to 25%) operated interest in application areas 1/09-0, 2/09-0 and 5/09-0 in the Canning Basin
65% (diluting to 50%) operated interest in EP417 in the Canning Basin
60% operated interest in the Seven Lakes SPA area in the Canning Basin
100% operated interest in the Merlinleigh project, onshore Carnarvon Basin W estern Australia
32.5% working interest in the Colorado County Project, onshore Texas USA 38.5% working interest in the Moeller Project, onshore Texas USA
36% working interest in the W harton County Project, onshore Texas USA
32.5% interest in a license for 1,000 square miles of 3D seismic data
In addition to the above portfolio, New Standard has a 13.7% equity interest in ASX listed Elixir Petroleum Ltd (ASX: EXR). New
Standard is also continuing to actively assess other opportunities to complement and expand its exploration portfolio.
New Standard Energy Ltd. | ACN 119 323 385
Level 2, 7 Ventnor Avenue, West Perth WA 6005 | PO Box 1542. West Perth WA 6872 T: + 61 8 9481 7477 | F: +61 8 9486 7670 | www.newstandard.com.au Weekly Drilling Report - Gibb Maitland #1Project | Goldwyer Project, Canning Basin |
Well Details | Gibb Maitland #1 is located in exploration permit EP 450 in the Great Sandy Desert, east of Port Hedland. A location map is provided below |
Well Location | Latitude: 20°59'44.1"S Longitude: 124°38'26.6"E Datum: GDA 94 |
Equity Interests | New Standard 25% (Operator) ConocoPhillips 75% |
Date of progress report | 9th January 2013 (activity as at 12 noon, 8th January 2013) |
Proposed total depth | 3,900 metres (approximately) |
Current depth | 2,166 metres (approximately) |
Spud date | 5th December 2012 (5pm W ST) |
Days since spud | 34 days |
Current target formation | Primary target is the Goldwyer Formation shales, underlying the Nita and Bongabinni formation |
Operations since last progress report | Pulled out of the hole, revised bottom hole assembly to include the LW D tools, ran back into the hole and drilled ahead in 12 ¼" hole to a depth of 2,166m |
Hydrocarbon indications | None - none expected at current depth |
Forward operations | Drill ahead in 12 ¼" hole to the next casing point utilising the revised bottom hole assembly including the LW D tools which will enable better selection of the second casing point (to be located above the primary coring target of the Goldwyer formation) as well as identification of the appropriate coring point once the Goldwyer formation is reached. |
Location Map
Above: The Gibb Maitland #1 location on EP450, the second well in the Phase One program
New Standard Energy Ltd. | ACN 119 323 385
Level 2, 7 Ventnor Avenue, West Perth WA 6005 | PO Box 1542. West Perth WA 6872 T: + 61 8 9481 7477 | F: +61 8 9486 7670 | www.newstandard.com.au|
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