Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2014asset acquisition disposition▲ GoodMajor
New Standard completed buying 5,182 net Eagle Ford acres from Magnum Hunter on 28 January 2014, issuing 65.65m shares as part payment. Magnum Hunter is now the largest shareholder and the alliance starts. A credit facility is still being negotiated. Resolves the December 2013 deal.
28 Jan 2014drilling spud▲ GoodMajor
New Standard spudded Peeler Ranch-5H on 26 January 2014, its first Eagle Ford well, operated by Magnum Hunter. Expected to take about 20 days to reach 2,950m vertical depth with a 1,735m lateral; the rig then moves to the 6H well. Meets the lease spud deadline noted earlier.
21 Jan 2014business combination▲ GoodMajor
After shareholders approved all resolutions on 20 January, New Standard completed buying Outback Energy Hunter and Pathfinder (15m shares issued to vendors) and exercised the Eagle Ford option: US$15m cash plus US$9.5m in shares (65.6m) to Magnum Hunter. Completion expected the following week; Kip Ferguson joins board.
21 Jan 2014farm in farm out agreement▲ Good
Ambassador reports New Standard shareholders approved the PEL 570 farm-in; only South Australian government approval remains. Magnum Hunter's subsidiary has given written assurance of technical support. Resolves the shareholder-vote step of the December deal.
13 Jan 2014investor presentation● Neutral
Magnum Hunter's acreage presentation repeats the asset: 7,278 gross and 5,182 net acres, five producing wells, about 400 boe/d net, 50-60 locations. Offset operator results are shown. No new New Standard deal terms in the available text.
10 Jan 2014resource reserve update▲ GoodMajor
Independent report certifies Eagle Ford 3P reserves of 12.3 million barrels of oil equivalent on the 5,182 acres being bought, about $2 per barrel of 3P. 2P oil is 1.88 million barrels. 61 drilling locations identified; EGM set for 20 January 2014.
19 Dec 2013listing compliance notice● Neutral
ASX granted a waiver allowing up to 45m deferred consideration shares for the Pathfinder acquisition, tied to the first four Eagle Ford wells' productivity, to be issued more than three months after the meeting, but no later than 18 January 2016. Administrative.
16 Dec 2013investor presentation● Neutral
Radio interview with the managing director repeats the Eagle Ford and Cooper deal. He says it needs no capital raising and about 20% dilution, and aims to end the cycle of repeated raisings. Cooper seismic is due in 2014 and first well in 2015.
10 Dec 2013investor presentation● Neutral
Presentation repeats the Eagle Ford and Cooper Basin transaction announced the same day: 5,182 net acres, five producing wells (about 400 boepd recent), and 52.5% of PEL 570 for $42.5m. Market cap is shown as $42.7m at 14c. No new deal terms in the available text.
10 Dec 2013farm in farm out agreement● Neutral
Partner Ambassador Oil and Gas confirms it farmed 52.5% of PEL 570 to New Standard for $42.5m of exploration spend over five years, including a 2014 3D seismic survey and three wells. It replaces an earlier August 2013 deal with Outback Energy Hunter.
10 Dec 2013business combination▲ GoodMajor
New Standard will buy 5,182 net Eagle Ford acres in Texas from Magnum Hunter (five producing wells, US$5,300 per acre headline) and farm into 52.5% of Cooper Basin PEL 570 by spending $42.5m. Magnum Hunter becomes largest shareholder. Shareholder vote planned January 2014; a shift from pure exploration toward production.
10 Dec 2013drilling scheduled▼ BadMajor
Condon-1 at Merlinleigh is pushed from early December 2013 to the second half of 2014, by agreement with Enerdrill, so about $13m can go to two Eagle Ford wells first. This reverses the earlier December spud plan; the company says no large extra costs arise.
14 Nov 2013investor presentation● Neutral
AGM presentation outlines a board-refreshed strategy: stay in Western Australia, find partners for Merlinleigh and Laurel, and look for nearer-term assets. Condon-1 is due in December, with 1-2 Canning wells in 2014 (previously 1-3). Seven Lakes permit conversion is expected within a month.
14 Nov 2013other● Neutral
AGM chairman's address defends the decision to replace the rig contractor after the stuck pipe at Gibb Maitland-1. It repeats an early December Condon-1 spud, about thirty days of drilling, and the Canning view. It also notes board interest in nearer-term opportunities. No new results.
11 Oct 2013asset acquisition disposition▲ GoodMajor
New Standard lifts its EP417 interest in the Laurel Project from 65% to 100% by taking Buru Energy's 35% for nil consideration. With Seven Lakes, net Laurel acreage is 1.46m acres. Buru said the 2014 commitment well is not a priority; New Standard still plans a farm-out.
10 Oct 2013annual report● Neutral
Glossy 2013 Annual Report repeats the earlier statutory accounts: Merlinleigh permits, Enerdrill rig, PetroChina entry, Elixir stake at 28.2% and the roughly $43m Buru share sale. No new information in the available text.
23 Sept 2013annual report● Neutral
Statutory accounts for the year to 30 June 2013 largely restate known events: Nicolay-1 success, Gibb Maitland-1 suspended at about 2,900m, the PetroChina entry, the Enerdrill rig and the Buru share sale. Cash was $41.5m at year end. Financial statements are not visible in the available text.
17 Sept 2013drilling scheduled● Neutral
Condon-1 at Merlinleigh remains on track for Q4 2013; heritage and environmental approvals are in and the drill approval application was lodged. Farm-out is in 'final stages' but the company will drill at 100% if needed. Mark Hagan is now a non-executive director; a third independent director is sought.
12 Sept 2013price query● Neutral
ASX queried a rise from $0.175 to an intra-day high of $0.205 and higher volume. New Standard replied it knew of no undisclosed information and was complying with disclosure rules, so no explanation was given for the move.
4 Sept 2013investor presentation● Neutral
Good Oil Conference presentation repeats known plans: Merlinleigh well in Q4 2013, 1-3 Canning wells in 2014, partners sought for Merlinleigh and Laurel. Notes cash of $41.5m (June) and Sam Willis joining the Elixir board. No new results.
28 Aug 2013investor presentation● Neutral
Managing Director's DUG conference presentation on Canning Basin potential. It repeats known plans: Enerdrill Rig #3, one firm Merlinleigh well in late 2013, 1-3 Canning wells from mid-2014, and the 25% Southern Canning interest. No new results or deals.
19 Aug 2013investor presentation● Neutral
Radio interview with the managing director repeats known plans: Merlinleigh's Condon #1 well first, Canning drilling after the wet season, an ongoing Merlinleigh farm-out, and the Elixir stake above 28%. Condon #1 is expected to be a vertical well, likely tight gas.
13 Aug 2013asset acquisition disposition● Neutral
New Standard completed its Elixir investment: bought 83.7m shares for $1m at 1.2c, lifting its stake from 13.7% to 28.2%. Cash after the investment is $39.6m (13c a share). It can nominate an Elixir board member.
11 July 2013farm in farm out completion▲ GoodMajor
PetroChina has Chinese and Australian approvals and has paid ConocoPhillips for 29% of the Canning joint venture; only Western Australian registration remains. Interests will be ConocoPhillips 46%, PetroChina 29%, New Standard 25% (valued about A$28m). Goldwyer Project renamed Southern Canning Project.
5 July 2013capital raising announcement● Neutral
Elixir Petroleum, in which New Standard holds 13.7%, is raising about $1.85m at 1.2c per share via a fully underwritten entitlements issue. New Standard will take up its rights and sub-underwrite $750k, which could lift its stake to as much as 28.2%.
5 July 2013asset acquisition disposition● Neutral
New Standard will invest up to about $1m at 1.2c per share in Elixir's raising, taking its stake from 13.7% to between 19.99% and 28.2%. It also gets a right to nominate an Elixir board member. Elixir holds the Moselle Project in France.
3 July 2013contract award▲ GoodMajor
New Standard signed with Enerdrill for Rig #3: a firm two-well program plus options for two more. Drilling restarts with Condon #1 at Merlinleigh in late 2013, then 1-3 Canning wells from mid-2014. Merlinleigh seismic is deferred and a farm-out process begins. Cash $41.5m.
26 Mar 2013director officer appointment● NeutralMajor
Non-executive director Phil Thick becomes Managing Director from 2 April 2013, replacing Sam Willis, who stays on as a director focusing on strategy and corporate matters. Follows the rig contract termination. Thick gets 2m options (40c and 50c) subject to shareholder approval.
15 Mar 2013asset acquisition disposition▲ Good
New Standard takes Green Rock's rights in the Laurel Project, keeping the 15% of EP417 (65% operated total, Buru 35%) and gaining 100% of Seven Lakes. Pays A$1m now and A$650k later. Net acreage rises 49% to 1.183m acres; AMI agreement ended.
15 Mar 2013asset acquisition disposition▲ GoodMajor
Green Rock Energy announced it is selling New Standard its 15% of EP417 and 40% of Seven Lakes for A$1.65m: A$1m upfront, A$650k later. This returns New Standard to full ownership of Seven Lakes. EP417 stake size afterwards is an inference: 65% plus 15%.
