Miro Advisors will oversee a formal process on a divestment of New Standard's South Canning and Laurel projects in the Canning Basin and its Merlinleigh project in the onshore Carnarvon basin.

New Standard managing director Phil Thick alluded to the move at the Good Oil conference in Perth last month, pointing to challenging infrastructural hurdles in the Canning and ruffling a few feathers in the process.

The decision was also foreshadowed in a roundabout kind of way by the company's move to regain its 100% interest in the South Canning project from ConocoPhillips and PetroChina, enabling it to package the acreage with the two other wholly owned projects in one big farm-out.

The South Canning restructure also allows the company to dodge work commitment funding of more than $10 million to drill a third well, completing phase 1 of the JV agreement.

The all-encompassing farm-out package will provide potential farm-in partners with significant exposure to 63,400sq.km in three prospective basins.

New Standard's redirected focus will now be on its Atascosa project in Texas, which it acquired earlier this year.

"It is our clear priority to focus our capital on our Eagle Ford development," Thick said.

"Our farm-out objective for our WA assets is to find a partner to fund the next stages of exploration in each of our projects such that New Standard has no significant funding commitments in WA.

"We continue in our discussions with the Department of Mines and Petroleum to manage our commitments and maintain our permits in all areas, but given our huge acreage position, we also have the option to relinquish parts of our least prospective permits.

"The net impact is that we will receive all of the South Canning JV acreage back for nil consideration and most importantly it will be on the basis that there will be no immediate financial obligations that can't be managed.

"The advice we have received is that the addition of the Southern Canning project to the farm-out package will be viewed very positively by potential partners as it will provide the flexibility to explore three prospective basins with meaningful equity positions in large acreages.

"ConocoPhillips has been a productive and supportive partner in the Southern Canning Basin and their technical input has been invaluable as New Standard seeks to identify the most prospective parts of the large and underexplored Southern Canning Basin.

"Meanwhile, New Standard is currently preparing for its next three well drilling program in the Atascosa project in the Eagle Ford shale and we will start drilling the first of those wells in mid-October, further adding to the value of our Atascosa project acreage."

The three wells will be targeting longer laterals and higher proppant concentrations to increase production, while the average well cost has been reduced from $US8.5 million ($A9.7 million) to $6.5 million.