New Standard increases position in Laurel shale

Canning basin: the location of the Laurel project, comprising EP 417 and the Seven Lakes SPA, in north Western Australia

NEW STANDARD ENERGY

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Danica Newnham

 15 March 2013 07:36 GMT

Australia-listed Green Rock Energy has relinquished all of its rights in the Laurel shale gas project, located in Western Australia’s Canning basin, to project partner New Standard Energy.

The Laurel project is located about 180 kilometres south of Fitzroy Crossing in north Western Australia and is comprised of exploration permit 417 and the Seven Lakes special prospecting authority.

New Standard said on Friday that by acquiring Green Rock’s 40% stake in the Seven Lakes SPA, it would now hold a 100% operated interest in this block.

In addition, New Standard retained a 15% interest in EP 417, which was due to be transferred under a farm-in agreement with Green Rock. As a result, the company now owns a 65% operated interest…

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