New Standard Energy Limited has engaged advisors to commence a formal process for the farm-out of its Western Australian exploration acreage aimed at eliminating any major capital commitment and thus in turn focusing efforts on growing the value of its production and development acreage in the Eagle Ford shale in the United States. New Standard has mandated Miro Advisers to manage the farm-out process, which will now include the Southern Canning Project (SCP) after New Standard negotiated agreement with its Southern Canning Joint Venture (SCJV) partners ConocoPhillips and PetroChina to resume 100% ownership of the SCP. The ownership change enables New Standard to package the SCP into the formal farm-out process alongside its two other 100% owned projects, the Laurel Project in the Canning Basin and the Merlinleigh Project in the onshore Carnarvon Basin.

The restructure removes the requirement for New Standard to spend more than $10 million to drill a third well to complete Phase 1 of the SCJV agreement with ConocoPhillips and PetroChina. The terms of the restructure also stipulate that no claims will be made by the SCJV partners for any monies spent to date or any outstanding work that is yet to be performed pursuant to the Farm-Out Agreement. New Standard is now able to add the entire Southern Canning Project to its farm-out package, providing potential farm-in partners with significant exposure to large permit areas totalling 15.6 million acres (63,400 km2) in three prospective basins and sub-basins.