Jara takes stake in New Stan­dard En­ergy

Pilbara News - - Business -

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”.

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