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.

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