The project, which is located in the Canning basin of Western Australia, will be owned by New Standard without any consideration.
New Standard Energy managing director Phil Thick said that the move to 100% ownership of EP417 presented additional project marketing alternatives.
"The simplified ownership structure and the sheer size created by the increased EP417 equity will provide New Standard Energy and potential farm-in partners with more attractive partnership options for the Laurel Project," Thick added.
By joining the Seven Lakes SPA, New Standard’s net acreage position will increase to 1.46 million acres (5,881km2) across the Laurel formation.
The company said that similar to the Valhalla and Yulleroo way, the well will be targeted large conventional structures in 2014.
"We will now continue with our plans to farm-out the Laurel acreage, of which we now hold 100% equity, giving us a stronger position during negotiations with potential partners." Thick said.
