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ARTICLE · 09 FEBRUARY 2014

Energy Sector Update: January - February 2014

Corrs Chambers Westgarth
Corrs Chambers Westgarth
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Corrs Chambers Westgarth

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The update is a summary of recent announcements, completed deals, market rumours, opportunities, and regulatory updates.

AustraliaEnergy and Natural Resources
Michael MacGinley
Michael MacGinley
Bruce Adkins
Bruce Adkins
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Introduction

Welcome to the January/February 2014 edition of the Australian Energy Sector Update, a monthly publication prepared by Corrs Chambers Westgarth for clients and contacts who are interested in the Australian energy industry.

This publication brings together a brief summary of information on recently completed deals, market rumours and potential opportunities, and relevant regulatory updates.

Recent announcements

On 10 December 2013, ASX-listed Ambassador Oil and Gas announced that it has farmed-out to ASX-listed New Standard Energy a 52.5% working interest in exploration permit PEL 570 located in South Australia's Cooper Basin. Under the agreement, New Standard will operate the permit and contribute up to A$42.5 million in direct exploration expenditure for five years. In August 2013, Ambassador announced that it had entered into a binding heads of agreement with Outback Energy Hunter to negotiate a 70% interest in PEL 570. As New Standard is

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