New Standard Energy Observe More Shale Than Expected at Nicolay-1

New Standard Energy and ConocoPhillips have received early indications that the target Goldwyer section at their Nicolay-1 well onshore Canning Basin is more shale bearing than originally thought, Proactive Investors Australia has reported.

This is consistent with the elevated gas readings observed from the mud logs whilst drilling through both the Nita and Goldwyer formations, New Standard said in a statement.

New Standard noted that further detailed interpretation of the full package of wireline logs together with core analysis from the coring programs will be necessary before additional clarity can be provided on the shale and source rock qualities.