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NSE, NEW STANDARD ENERGY LIMITED
blacksheep
post Posted: Oct 16 2019, 12:13 PM
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Oil and gas exploration company suspended by stock exchange over rehabilitation liabilities
ABC Kimberley By Ben Collins
Posted 50 minutes ago
QUOTE
A company that ran out of money before it could frack oil and gas wells drilled in the Great Sandy Desert has been suspended from trading by the Australian Stock Exchange for not including environmental rehabilitation costs in their financial reporting.

Key points:
New Standard Energy (NSE) drilled four wells in the Canning Basin, but failed to find commercial quantities of oil and gas
The Australian Stock Exchange has suspended NSE from trading because the company cannot estimate how much it will cost to rehabilitate the area
WA's Mines Minister says the current system for regulating environment risks is not up to standard, with an overhaul likely

New Standard Energy (NSE) drilled four wells in north-west Australia's Canning Basin in 2011 and 2012 in the hope of tapping into the area's estimated 43 billion barrels of shale oil.

The failure to find commercial quantities of oil and gas contributed to a severe economic downfall, and now the environmental liabilities from those wells has led to a suspension from trading.

Earlier this month the Australian Stock Exchange (ASX) formally requested an explanation for why an environmental liability for rehabilitating the well sites was not included in the company's financial reporting.

This came after NSE's auditor had noted a liability was not included in the company's financial reporting, despite Western Australia's Department of Mines, Industry Regulation and Safety (DMIRS) directing the company to complete rehabilitation by November 2019.

Company documents show NSE responded to the ASX that the cost was not possible to estimate without visiting the long-abandoned desert exploration wells.

It was evidently an unsatisfactory response as the ASX announced on Monday that the company " … will remain suspended until NSE demonstrates to the satisfaction of ASX that it can reliably estimate its rehabilitation obligations".

The ABC contacted the company for comment, but the telephone number listed on NSE's website diverts to Telstra Home Messages. Emails to the company were not responded to.

https://www.abc.net.au/news/2019-10-16/expl...by-asx/11600340



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
mercury
post Posted: Oct 11 2013, 01:33 PM
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NSE is given Buru's share of tenement in exchange for not having to put up money for a well.

Any thoughts on this anyone?

merc

 
mercury
post Posted: Oct 5 2013, 10:10 AM
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getting closer to rig in place . I am hoping that the shareprice shows this as people get ready for the spud. After selling half my stock at 18.5 cts when the ASX speeding ticket got an answer....I have bought back 50% of those same shares at a lower price and will probably buy the rest back shortly.

October is not supposed to be a great month....so waiting a bit.

I feel that the company is moving slowly....but I did notice a director buying some at 17cts awhile back.


Merc

 
neilo3
post Posted: Jul 3 2013, 11:09 AM
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In Reply To: neilo3's post @ Jul 3 2013, 11:08 AM

And I have a stutter by the looks

 
neilo3
post Posted: Jul 3 2013, 11:08 AM
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They have found a decent sized drill rig and are going to start again towards the end of this year.

It will be in the Carnarvon Basin first tho..Moving back to the canning in 2014...

It has a pulse!!

 
neilo3
post Posted: Jul 3 2013, 11:04 AM
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They have found a decent sized drill rig and are going to start again towards the end of this year.

It will be in the Carnarvon Basin first tho..Moving back to the canning in 2014...

It has a pulse!!

 

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El Barto
post Posted: Apr 13 2013, 02:16 PM
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In Reply To: boundless's post @ Jan 23 2013, 10:09 PM

Boundless,

The 3 months is nearly up and NSE has not gone bust yet. What was the class action?

 
batikit
post Posted: Jan 23 2013, 10:56 PM
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In Reply To: boundless's post @ Jan 23 2013, 10:33 PM

Bust because of ?? what is the class action about?

I am going to have my popcorn ready cool.gif

 
boundless
post Posted: Jan 23 2013, 10:33 PM
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In Reply To: arty's post @ Jan 23 2013, 10:21 PM

watch for a class action shortly

 
arty
post Posted: Jan 23 2013, 10:21 PM
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In Reply To: boundless's post @ Jan 23 2013, 10:09 PM

That's a big statement, boundless.
It hasn't gone far in recent months, but bust?
I'll add it to my watchlist and set an alert for end of April.
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--------------------
I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
 


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