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MENAFN - ProactiveInvestors - Australia - 12/11/2012

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(MENAFN - ProactiveInvestors - Australia) New Standard Energy (ASX: NSE) and ConocoPhillips are continuing with their three well Goldwyer unconventional exploration program in the onshore Canning Basin after completing operations at the first well.

The Gibb Maitland-1 well is located more centrally in the Kidson Sub-basin, where the likelihood of encountering richer source rocks in a more conducive geological setting is greater than at Nicolay-1, which is located on the Western Margin of the Sub-basin.

This is supported by offset wells, such as Percival-1 which was drilled in 1985 and noted oil bleeding from Goldwyer cores in the upper part of the Goldwyer formation from a depth of 2,030 metres as well as the Kidson-1 and Patience-2 wells which encountered hydrocarbons in the Goldwyer at depths of greater than 4,000 metres.

Gibb Maitland-1 is expected to spud in December 2012.

The Goldwyer wells are targeted at gathering a comprehensive, modern data set over a large section of the Goldwyer formation through a detailed program consisting of mud logging, full coring and electric wireline logs.

ConocoPhillips is funding 100% of the costs of drilling the 3 wells under the first exploration phase to a cap of US13 million (A13.07 million) each.

 






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