Company News Summary
New Standard Energy Provides Gibb Maitland No.1 Weekly Drilling Update
Original announcement: Gibb Maitland No.1 Weekly Drilling Update
New Standard Energy advised that as at 12 noon (WST) on 1 January 2013 the Gibb Maitland #1 well had been drilled to a depth of approximately 1,885m following completion of the scheduled BOP test, change of drill bit and re-entering the well during the week to drill ahead in 12 1/4" hole. A decision was made to deepen the well further before utilising a revised bottom hole assembly including logging while drilling (LWD) tools in order to drill ahead to the second casing point in the well. Once added the LWD tools will enable better selection of the second casing point (which will be located above the primary coring target of the Goldwyer formation) as well as identification of the appropriate coring point once the Goldwyer formation is reached. Drilling is expected to take approximately 65 days and no horizontal drilling or hydraulic fracturing will be involved in this phase of the program.
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