NSE's anns. today.Very good. Now the second well starts.NEW...

NSE's anns. today.

Very good.

Now the second well starts.


NEW STANDARD SUCCESSFULLY DRILLS FIRST WELL IN EAGLE FORD SHALE

New Standard Energy Limited (New Standard) is pleased to advise that the Company’s first well in the Eagle Ford shale (EFS), Peeler Ranch-5H, has successfully reached target depth and the process of running in casing has commenced.

As previously advised, upon completion of the casing the rig will be skidded across the pad to commence drilling of the Peeler Ranch-6H well during this week.

New Standard Energy Managing Director Phil Thick said while drilling of the first New Standard Atascosa Project well had taken longer than expected, tight control of costs would ensure the well remained within budget and the additional drilling time would have no impact on the timeline to production.

“We are pleased to have completed the drilling of our first well in the Eagle Ford shale,” Mr Thick said.

“It was very important to successfully drill this well and achieve a good result in the lateral section. Despite the slight delays we believe we have achieved a good result and it sets us up well for drilling the Peeler-6H - an adjacent offset well to be drilled parallel to the Peeler-5H and only 650ft away.

“There was a planned gap between drilling of the first two wells and subsequent hydraulic fracture stimulation and completion of the wells, so we remain on track to complete the wells in April before flow-back and tie-in late April/early May to add to the five wells already on production.”

Mr Thick said the New Standard, Magnum Hunter and drill rig teams had been working around the clock to achieve this important drilling milestone.