Vancouver, British Columbia, October 24th, 2018. Newport Exploration Ltd (“Newport” or “the Company”) is pleased to provide an update on licences in the Cooper Basin, Australia over which the Company has a 2.5% gross overriding royalty. This information was reported by Beach Energy Ltd (“Beach”) (ASX: BPT) in its 2018 Annual Report dated 23rd October, 2018.
OIL RESERVES – EX PEL 91
As at 30 June, 2018, Beach report 2P oil reserves of 25.5 MMboe and 1P oil reserves of 16.5 MMboe. This represents a more than 100% increase in 2P oil reserves since Beach’s Reserve report of August 2017. Beach’s Reserve report of August 2017 did not break down 1P Reserves by individual licence.
GAS RESERVES – EX PEL’s 91, 106 & PRL 26
As at 30 June, 2018, Beach report 2P gas reserves of 9 MMboe (77% ex PEL 106, 18% PRL 26 & 5% ex PEL 91) and, 1P gas reserves of 3 MMboe (77% ex PEL 106, 14% PRL 26 and 9% ex PEL 91). Beach’s Reserve report of August 2017 did not report any Reserves or Resources for PRL 26.
RESERVE CLASSIFICATION AND REPORTING
The Reserves and Resources as reported by Beach in ex PEL’s 91 and 106, and PRL 26, cannot be independently verified by the Company in accordance with classification requirements in compliance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook (“COGEH”) as the Company does not have access to the underlying technical data. As such, the Reserves and Resources reported by Beach may not satisfy the definitions of Reserves and Resources for the purposes of NI 51-101 Canadian reporting requirements. The Reserve classification system used by Beach is governed by the “Reserves and Resources Disclosure Rules for Mining and Oil and Gas Companies” as required by the Australian Securities Exchange Rules and in compliance with the Petroleum Resources Management System (“SPE-PRMS”) guidelines, an internationally recognized Reserve Classification system for Oil and Gas properties.
The timing and any revenues to the Company resulting from the production from the Reserves and Resources as reported by Beach in ex PEL’s 91,106 and PRL 26 cannot be predicted by the Company. The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Santos Ltd to keep current during exploration, development and production guidance of all the licenses subject to the Company’s gross overriding royalty.
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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 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.