Trading Symbol: NWX (TSX-V)
VANCOUVER, BC, Feb. 14,
2024 /CNW/ - 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.
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 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.
© 2024 Newport Exploration Ltd.
SOURCE Newport Exploration Ltd.
