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NSE, ConocoPhillips Deepen Canning Basin Shale Exploration Well

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Australian-listed New Standard Energy (NSE) revealed Wednesday that it has drilled its Gibb Miatland-1 exploration well, sited on EP 450 on the onshore Canning Basin, to 6,184 feet (1,885 meters) following completion of a scheduled blow out preventer test and change of drill bit.

"A decision was made to deepen the well further before utilizing a revised bottom hole assembly including logging while drilling (LWD) tools in order to drill ahead to the second casing point in the well," NSE said in its disclosure.

"Once added, the LWD tools will enable better selection of the second casing point (which will be located above the primary coring target of the Goldwyer formation) as well as identification of the appropriate identification of the proper coring point once the Goldwyer formation is reached," NSE added.

According to a report published by the U.S Energy Information Administration in April 2011 on world shale gas resources, the Goldwyer Formation shales contains 764 trillion cubic feet (Tcf) of risked gas in place and 229 Tcf of risked recoverable gas; the largest estimate for any basin in Australia.

New Standard Energy is the operator of the well with a 25 percent stake, the remaining interest is held by ConocoPhillips.

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