Jara takes stake in New Standard Energy
Onslow businessman Ernie Ifould has emerged as the biggest investor in embattled Canning Basin explorer New Standard Energy after securing a 17 per cent stake.
It was unclear last week how much his company Jara Resources had paid for the stake or what its intentions were for NSE.
The emergence of Jara on NSE’s register completes the closure of a much-hyped oil deal with bigger US peer Magnum Hunter Resources Corp, which sold its 17 per cent stake, worth $853,450 last Tuesday, to Jara. It also quit its NSE board seats. NSE said it would work “closely with this new major shareholder to pursue all opportunities to rebuild shareholder value”.