Vancouver, British Columbia, May 3rd, 2017. Newport Exploration Ltd (“Newport” or “the Company”) is pleased to provide an update on exploration activities on ex PEL 91 in the Cooper Basin, Australia on which the Company has a 2.5% gross overriding royalty. This information was reported by Beach Energy Ltd (“Beach”) in a news release dated May 3rd, 2017, and reference should be made to Beach’s news release and their website for their interpretation of results and plans to bring wells into production. 

As reported in a news release by the Company on April 5th, 2017, Beach had previously reported that a two-well oil development campaign had commenced in the Pennington Field, located approximately 10 kilometres east of the Bauer Field in ex PEL 91. The two wells were targeting the Namur Sandstone as a primary objective and the McKinlay Member and Mid Namur Sandstone as secondary objectives. 

Results from the Pennington-5 Well were reported by the Company on April 5th, 2017. The well intersected net oil pay of 2.2 metres in the Namur Sandstone and 1.8 metres in the McKinlay Member, and also encountered oil shows in the Birkhead Formation.

In its News release dated May 3rd, 2017, Beach reported that the two-well oil development campaign in the Pennington Field has been completed and that reservoir simulation modelling has identified the potential for improved field commerciality through in-fill drilling to accelerate production. Pennington-6, the second well of the campaign, intersected 4.0 metres of net oil pay in the Namur Sandstone, 3.6 metres of net oil pay in the overlying McKinlay Member, and 0.8 metres of net oil pay in the mid Namur Sandstone.

The Company is unable to report on the potential productivity for each well and 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 of all the licences subject to the Company’s gross overriding royalty.

For further information contact:

Ian Rozier, Director and Chief Executive Officer 
+1 604 685 6851

info@newport-exploration.com

www.newport-exploration.com

www.beachenergy.com.au

www.santos.com

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, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “should”, “could”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements. These forward-looking statements pertain to assumptions regarding the price of oil, fluctuations in currency markets (specifically the Australian dollar), and the future development of the Company’s project. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, which considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in forward-looking statements. Such 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. Many of these uncertainties and contingencies may affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. 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.