The onshore Canning Basin is situated more than 2,000 kilometres north of Perth in the central north of Western Australia, covering an area of approximately 530,000km².
The southern area of the Basin, where New Standard holds its acreage, contains the Kidson and Willara Sub-basins, which feature thick sedimentary successions of predominantly Ordovician to Silurian and Permian age with thin Mesozoic cover. New Standard also has exposure to the northern Fitzroy Trough via its direct project equity holding in the Laurel Project.
Petroleum exploration activity in the Basin began in the early 1920s with a major focus on the northern area of the Basin up until the 1980s, targeting the Devonian and Permian-Carboniferous strata. Since then, more than 250 wells have been drilled onshore, coupled with over 78,000 line kilometres of seismic data, providing a good basis for the understanding of subsurface geology of the geological state of the Basin. The Basin is still relatively under-explored by Australian and International benchmarks and of the few wells in the Basin, the majority were concentrated on conventionally trapped hydrocarbons with no modern exploration efforts focused on the rapidly growing shale and tight gas areas.
The Canning Basin is now emerging as a very exciting regional hydrocarbon province with substantial scale and strong technical prospectivity. New Standard is well placed to unlock the onshore hydrocarbon potential of the Canning Basin over the coming years.