New Standard Energy’s shareholders approve PEL 570 farm-in deal

Ambassador Oil and Gas Ltd.

New Standard Energy Ltd. shareholders have approved a farm-in deal for Petroleum Exploration License (PEL) 570 in the Cooper Basin of South Australia. Ambassador Oil and Gas Ltd. reports that the farm-out of a 52.5% working interest in its PEL 570 exploration permit to New Standard Energy for $38.8 million (AUD 42.5 million) in direct exploration expenditure is close to completion.

The deal, representing an implied value of $0.24 (AUD 0.27) per Ambassador share, also brings the expertise of US shale industry pioneer, Magnum Hunter Resources Corp. (MHR), to bear in the hunt for the high liquids content/low carbon-dioxide gas targets known to exist in PEL 570.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...