New Standard Energy Limited executed a binding agreement to acquire minority stake in EP417 and Seven Lakes SPA from Green Rock Energy Limited for AUD 1.7 million.

New Standard Energy Limited (ASX:NSE) executed a binding agreement to acquire minority stake in EP417 and Seven Lakes SPA from Green Rock Energy Limited (ASX:GRK) for AUD 1.7 million on March 15, 2013. AUD 1 million of the consideration is payable immediately, with the remaining AUD 0.65 million payable at the earlier of 9 months from the date of agreement or New Standard Energy being granted an exploration permit over the Seven Lakes SPA. Under the terms of the agreement, New Standard Energy will acquire an additional 15% stake in EP417 raising its stake to 65% and remaining 40% stake in Seven Lakes SPA raising its stake to 100%.

As part of the transaction New Standard and Green Rock have also terminated the Area of Mutual Interest agreement involving the Laurel formation across the broader Canning Basin. Cameron Morse of FTI Consulting acted as PR advisor for New Standard Energy.