Trading Symbol: NWX (TSX-V)
VANCOUVER, BC, Sept. 29, 2021 /CNW/ - Newport Exploration Ltd
("Newport" or "the Company") provides an update on operations for
licences in the Cooper Basin, Australia, over which the Company has a 2.5%
gross overriding royalty ("GOR"). This information was
reported by Beach Energy Ltd ("Beach") (ASX: BPT) in its 2021
Investor Update dated 28 September
2021.
Beach reports on the Western Flank, which includes ex PEL's 91,
106 and 107, and PRL 26 which are subject to the Company's GOR, as
well as for ex PEL's 92, 104/111, PEL's 113/115/516/90/93, PRL's
83, 135 and PPL 270 which are not.
Production
Beach report the following from the Western Flank;
- 27 producing oil fields, 4 producing gas fields
- Majority of fields are fully appraised and producing under
natural reservoir decline following extensive development drilling
it its FY20 and FY21
- 185 wells producing, 115 wells on a level of support
- FY23-25 decline rate is projected to progressively reduce from
~20% to ~12%, similar to single well decline
- Five additional development wells are planned for its Q2 FY22
to increase production, reduce decline rates and convert
undeveloped to developed reserves
- Further production increase through re-completion of other
reservoirs
- Middleton gas volumes are
contracted until its mid-FY22
Exploration
Beach report the following from the Western Flank;
Oil
- 24 oil prospects were developed to drillable status in Beachs'
FY22
- Up to 15 oil exploration wells planned for the second half of
FY22
- Focus will be on proven Namur
and McKinlay reservoirs
- Drilling will be adjacent to existing discoveries to facilitate
tie-in for FY23 onwards production
Gas
- Commenced drilling the four gas exploration wells planned for
its FY22
- Two discoveries have been made from the three wells drilled
to-date on ex PEL 106, being the Rosebay and Lowry South
wells.
- Plans for wells to be tied in late Q2 FY 222
- Reserves will be evaluated once production history is
sufficient
- Further potential exists within and to the south of the
existing fields
About Newport
The Company receives its GOR from Beach, which is not a
reporting issuer in Canada.
Therefore Newport is not able to
confirm if disclosure satisfies the requirements of Canadian
Securities legislation.
Newport has no control over
operating decisions made by Beach and is not privy to exploration
or production data derived by Beach during operations. Accordingly,
this prevents the Company from commenting on operating plans going
forward.
As always, the Company recommends that shareholders and
potential investors access material information relevant to the
Company as released independently by Beach and Santos Ltd in order
to keep current during exploration, development and production of
all the licenses subject to the Company's GOR.
The Company currently has 105,579,874 common shares issued and
outstanding and approximately $4.9
million in the treasury (comprised of cash, cash
equivalents, and short-term investments), and no debt.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the accuracy or
adequacy of this news release.
Cautionary Statement on Forward-Looking Information
This news release is intended to provide readers with a
reasonable basis for assessing the future performance of the
Company. The words "believe", "should", "could", "expect",
"anticipate", "contemplate", "target", "plan", "intends",
"continue", "budget", "estimate", "may", "will", "schedule" and
similar expressions identify forward-looking statements.
Forward-looking statements may pertain to assumptions regarding
Beach's drilling plans, future dividends, the price of oil and
fluctuations in currency markets (specifically the Australian
dollar). Forward-looking statements are based upon a number of
estimates and assumptions that, which are considered reasonable by
the Company, are inherently subject to business, economic and
competitive uncertainties and contingencies. Factors include, but
are not limited to, the risk of fluctuations in the assumed prices
of oil, the risk of changes in government legislation including the
risk of obtaining necessary licences and permits, taxation,
controls, regulations and political or economic developments in
Canada, Australia or other countries in which the
Company carries or may carry on business in the future, risks
associated with developmental activities, the speculative nature of
exploration and development, and assumed quantities or grades of
reserves. Readers are cautioned that forward-looking statements are
not guarantees of future performance. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those acknowledged
in such statements.
The Company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except to the extent
required by applicable laws.
© 2021 Newport Exploration Ltd.
SOURCE Newport Exploration Ltd.