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New Standard Spuds Goldwyer Exploration Well

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New Standard Energy on Thursday advised that its Gibb Maitland No. 1 well was spud on Dec. 5 at 5 p.m. WST, the second exploration well in the Phase One exploration program on the Goldwyer Project onshore Australia in the Canning Basin. The well is currently drilling ahead in a 17-and-a-half inch hole towards the first casing point in the upper section of the well.

New Standard Managing Director Sam Willis said the completion of the rig move, which covered more than 205 miles (330 kilometers) of constructed access track, was a small milestone for the Goldwyer Project, showing the commitment to the continuation of safe, timely and well-managed operations.

"The operations team, in conjunction with specialised third-party contractors, has worked hard to deliver the MBC Rig No. 14 to the second well location Gibb Maitland No. 1, in a manner which has allowed for a smooth transition for the commencement of drilling," Willis said.

The primary objective of the Phase One drilling campaign, including the Gibb Maitland No. 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 No. 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 No. 1). The Gibb Maitland No. 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 the Dec. 12, 2012, subject to any material events occurring in the meantime.

In September 2011, New Standard entered a joint venture with ConocoPhillips to speed up exploration of the Goldwyer project. ConocoPhillips will provide up to US$119 million in funding for the drilling, coring, logging and evaluation of a number of wells over a four-year period.

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