Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Dec 2014drilling result▲ Good
Peeler Ranch-7H (TD 4,603m) and Lagunillas Camp-3H (TD 4,312m) finished drilling ahead of schedule and about 20% under budget. Fracking is set for February 2015. No production results yet; Lagunillas is the first new Allright well.
29 Oct 2014farm in farm out completion▲ Good
The Santos PEL 570 farm-out is completed: Santos has paid the $7.5m and holds an operated 35%, with all approvals satisfied. New Standard keeps 17.5%, with net commitments as little as $3.05m. Completes the deal announced 23 October.
28 Oct 2014resource reserve update▲ GoodMajor
Independent report lifts net Eagle Ford 2P reserves 83% to 4.89m BOE, with 2P PV10 of A$72.3m; 1P up 133% to 3.58m BOE, 3P up 33% to 16.45m BOE. Credit Suisse confirms the next debt draw is available. Builds on January 2014 reserves.
24 Oct 2014drilling spud● NeutralMajor
Peeler Ranch-7H spuds 25 October, followed by Lagunillas Camp #3. The program is cut from three wells to two, with fracking delayed to Q1 2015 because of lower oil prices. Liquidity of up to $16m is expected through Q1 2015. Changes the earlier three-well plan.
23 Oct 2014farm in farm out agreement▲ GoodMajor
New Standard sells a 35% operated stake in PEL 570 to Santos, keeping 17.5%, for $7.5m cash plus Santos funding 75% of the remaining $42.5m earn-in commitments. Net spend could fall to as little as $3.05m. Santos becomes operator, replacing the earlier 52.5% position.
6 Oct 2014farm in farm out agreement▲ GoodMajor
New Standard takes back 100% of the Southern Canning Project from ConocoPhillips and PetroChina for nil consideration, removing a 10m+ third-well obligation. It has hired Miro Advisers to farm out all WA acreage. Reverses the 2013 PetroChina deal and the 25% JV structure.
1 Oct 2014drilling scheduled▲ GoodMajor
New Standard plans three Atascosa wells from mid-October 2014, with longer laterals and more proppant. It says well cost fell from US$8.5m to US$6.5m, and Type III wells could cost 10-15% more. Net acreage is now 5,585. Continues the 2H 2014 drilling plan.
6 May 2014drilling progress report▲ Good
Fracture stimulation of Peeler Ranch-5H and 6H finished on time and budget. Wells shut in about two weeks, then flow back and tie-in by late May. Management expects initial rates to beat the Peeler-4H well. No production rates yet.
23 Apr 2014drilling progress report● Neutral
Fracture stimulation has begun on Peeler Ranch-5H and 6H, the first two Eagle Ford wells drilled since the January deal. It takes about two weeks, then up to two weeks shut-in; flow-back expected late May. Continues the April completion plan.
24 Mar 2014drilling result▲ Good
Peeler Ranch-6H reached target depth, completed well within expected time and budget. Both wells will be fracture stimulated together in April, with tie-in in late April or early May alongside the five producing wells. Production rates not yet known.
5 Mar 2014drilling spud● Neutral
Second Eagle Ford well, Peeler Ranch-6H, has spudded alongside the 5H, with New Standard holding a 98.4375% working interest. Drilling is due to finish by end of March, with fracture stimulation in April and production tie-in late April or early May.
25 Feb 2014drilling result● Neutral
Peeler Ranch-5H, the first Eagle Ford well, reached target depth and casing is being run. Drilling took longer than expected, but the company says it stays within budget and does not delay production. Completion is planned for April, with tie-in in late April or early May.
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 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.
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.
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 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.
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.
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.
21 Feb 2013farm in farm out agreement▲ GoodMajor
PetroChina is set to buy 29% of the Goldwyer joint venture from ConocoPhillips, leaving ConocoPhillips 46% and New Standard 25% as operator. The deal values the project at about US$100m and New Standard's stake at about US$25m. Subject to approvals and New Standard's pre-emptive rights.
29 Jan 2013drilling progress report▼ Bad
After failing to free the stuck pipe, Gibb Maitland #1 is being side-tracked from about 900m, with cement plugs set. Recurring electrical faults on the rig's power controller have it on zero rate. Side-track drilling may run to late March 2013 if it resumes shortly.
23 Jan 2013drilling progress report▼ Bad
Gibb Maitland #1 is at about 2,900m, but the drill pipe and bottom hole assembly became stuck while pulling out to change the bit. Crews are trying to free it, and equipment is ready to side-track the well if needed. A first operational setback for the well.
16 Jan 2013drilling progress report● Neutral
Gibb Maitland #1 drilled from 2,166m to about 2,700m, with minor increases in background gas. Drilling continues toward the second casing point above the Goldwyer coring target.
9 Jan 2013drilling progress report● Neutral
Gibb Maitland #1 reached about 2,166m after the logging-while-drilling tools were fitted. Drilling continues toward the second casing point above the Goldwyer coring target. No hydrocarbon indications. Routine weekly progress.
2 Jan 2013drilling progress report● Neutral
Gibb Maitland #1 reached about 1,885m. The company chose to deepen the well further before fitting logging-while-drilling tools. No hydrocarbon indications, none expected at this depth. Routine weekly progress.
27 Dec 2012drilling progress report● Neutral
Gibb Maitland #1 drilled to 1,758m. The crew will pull out to run a blowout preventer test, change the bit and add logging-while-drilling tools to help pick the second casing point. No hydrocarbons expected at this depth.
19 Dec 2012drilling progress report● Neutral
Gibb Maitland #1 passed casing pressure tests and drilled from 826m to about 1,300m. No hydrocarbon indications, none expected at this depth. Routine weekly progress.
12 Dec 2012drilling progress report● Neutral
Gibb Maitland #1 reached 826m and 13 3/8-inch casing was run and cemented, with pressure testing next. No hydrocarbon indications, none expected at this depth. Routine weekly progress.
6 Dec 2012drilling spud▲ GoodMajor
Gibb Maitland #1 spudded 5 December on EP450, the second Phase One Goldwyer well after Nicolay #1. It targets a central Kidson sub-Basin setting with about 65 days planned, to gather data only, with no flow testing planned. Company holds 25%, ConocoPhillips 75%.
12 Nov 2012drilling scheduled● Neutral
The rig has been released from Nicolay #1 and is moving to Gibb Maitland #1 on EP450, 150km east, with drilling due December 2012 and about 60 days to complete. It targets a more central part of the basin, where the company says richer source rock is more likely. Nicolay core analysis will take two to three months.
