Vancouver, Canada, February 14th, 2024. Newport Exploration Ltd (“Newport” or “the Company”) is pleased to provide information provided by Beach Energy Ltd (“Beach”) regarding assets on the Western Flank of the Cooper Basin, Australia, as reported on February 12th, 2024 in their FY24 Half Year Results.
Production
Beach’s First Half FY24 production from the Western Flank was 1.9MMbbl, 3% below the prior corresponding period (First Half FY23: 2.0 MMboe) and comprised 1.4 MMbbl of oil (+5%), 2.0 PJ of sales gas (-19%), 10 kt of LPG (-19%) and 76 kbbl of condensate (-20%). The decrease in production was mainly due to natural field decline, partially offset by new oil well connections (Note: Western Flank includes the Company’s GOR licences ex PEL’s 91, 106, 107 and PRL 26, as well as licences ex PEL’s 92, 104 and 111, over which the Company does not have a GOR).
Drilling
Beach report it completed its FY24 drilling campaign on the Western Flank. The wells drilled on the Company’s GOR licences were plugged and abandoned.
Future Activities
Beach report they are assessing the results from the FY24 drilling campaign and are planning for the FY25 drilling campaign. Additionally, there is ongoing production optimization and performance improvement initiatives.
Australian Tax
We advise shareholders and potential investors that the Company recently received an AUD$408,175 (CAD$357,896) rebate from the Australian Tax Office.
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 licences subject to the Company’s GOR.
The Company currently has 105,579,874 common shares issued and outstanding and approximately $1.8 million in the treasury (comprised of cash, cash equivalents and short-term investments) and no debt.
Details of the next GOR payment will be reported at the end of February or early March 2024.
For further information contact;
Ian Rozier, M.Sc.,
P. Eng (Non-Practising)
Director and Chief Executive Officer
+1 604 685 6851