New Standard Energy was formed in 1995 to establish a portfolio of oil and gas exploration assets in the onshore Canning Basin at which time a Special Prospecting Authority (SPA) with an acreage option was taken out over a substantial portion of the most geologically prospective parts of the Canning Basin. The acreage area was further refined following desktop analysis to focus primarily on the sub-salt petroleum system in the Kidson Sub-Basin of the Canning.
In September 2007 NSE forged a significant partnership with ARC Energy Limited (ARC) that resulted in ARC making a cornerstone investment in NSE in conjunction with a substantial farm-in agreement over the majority of NSE’s acreage. This investment and farm-in agreement was assumed by Buru Energy Limited in 2008, when it was formed as part of the merger between Australian Worldwide Exploration Limited (AWE) and ARC. Around the same time NSE listed on the ASX in its own right as a pure Canning Basin exploration play.
New Standard Energy subsequently announced in September 2011, that it had finalised an agreement with global energy company ConocoPhillips (NYSE:COP) in relation to its flagship Southern Canning Project in the Canning Basin.
In July 2013 the Company announced that China’s largest energy company, PetroChina Company Limited, had received Chinese and Australian federal government approval to proceed with acquiring interest from ConocoPhillips in New Standard’s joint venture in the Southern Canning Basin. The resultant equity percentages in the Southern Canning Project are ConocoPhillips 46%, PetroChina 29% and New Standard 25%. New Standard’s equity position has not changed and it will remain as operator of the joint venture.
New Standard’s Laurel Project in the Canning Basin lies in the northern Fitzroy Trough and Gregory sub-basin. Recent exploration success in the Canning and as the Laurel play emerges more fully NSE will continue to assess its alternatives and potentially seek additional opportunities to secure additional acreage on a selective basis.
The Company also operates the Merlinleigh Project in the onshore Carnarvon Basin in Western Australia. The Project encompasses in excess of 1.3 million acres of prospective acreage located immediately adjacent to the major gas infrastructure of the Dampier to Bunbury gas pipeline and ideally situated between the rapidly expanding resources centres of the Pilbara and Mid-West.
In January 2014, New Standard received overwhelming support from shareholders to progress a transaction that has transformed the company into a diverse oil and gas explorer, developer and producer. In excess of 95 per cent of shareholder votes were cast in favour of the transaction to purchase producing and prospective acreage in both the Eagle Ford shale in onshore Texas and in the Cooper Basin in South Australia, to add to the Company’s frontier Western Australian assets.