Newport Exploration Ltd.: Further Update on Oil and Gas Royalties in Australia
May 02 2014 - 9:00AM
Marketwired
Newport Exploration Ltd.: Further Update on Oil and Gas Royalties
in Australia
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 2, 2014) - Mr.
Ian Rozier, President of Newport Exploration Ltd. ("Newport" or the
"Company") (TSX-VENTURE:NWX), wishes to provide further information
on oil and gas permits in Australia that are subject to the
Company's oil and gas royalty interests. As disclosed in financial
statements and various news releases since September 2002, the
Company holds a 2.5% overriding royalty on several oil and gas
permits in the Cooper Basin in Australia.
Interested shareholders and potential investors have been
encouraged to access information released independently by the
operators of the oil and gas permits, further details of which were
provided in the Company's news release dated April 29th, 2014.
Both Drillsearch Energy Limited ("Drillsearch") and Beach Energy
Limited ("Beach") just released information that made several
references to their activities on PEL 91 (Beach 40% and Operator
Drillsearch 60%). Drillsearch's Q3 update provides information on
recent discoveries on PEL 91 along with production details, their
estimated "preliminary gross undeveloped reserves"
information with respect to wells that will become future
producers, and on work "on the upgrade of fluid handling
facilities at Bauer (on PEL 91) which will increase total capacity
to 50,000 barrels of oil and water a day."
"We are very pleased to see the outstanding exploration success
continuing on PEL 91 and the progress made with the upgrade of
infrastructure to support additional production," said Mr. Ian
Rozier, President of the Company. "This should lead to significant
ongoing growth in our royalty proceeds."
The Company has no advanced access to such information and
furthermore, cannot be responsible for statements made by the
Operators. Notwithstanding the above, the Company encourages
shareholders and potential investors to access information released
independently by the Operators on a regular basis in order to keep
current.
The Company wishes to make a correction to the news release
dated April 29, 2014; the royalty payment received for the first
quarter of 2014 was AUD $3.834 million (CDN $3.781
million).
All royalty payments received by the Company will continue to be
reported in our financial statements.
The TSX Venture Exchange has not reviewed and does not
accept responsibility for the accuracy or adequacy of the contents
of this news release.
Cautionary Statement on Forward-Looking Information
This press 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",
"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 U.S. dollar), the future funding of the
Company's projects, and the future development of the Company's
projects. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while 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 the forward-looking statements.
Such factors include, but are not limited to, the risk of
fluctuations in the assumed exchange rates of currencies that
directly impact the Company, such as Canadian dollar, Australian
dollar and U.S. dollar, the risk of fluctuations in the assumed
prices of oil, the risk of changes in government legislation,
taxation, controls, regulations and political or economic
developments in Canada, the United States, Australia or other
countries in which the Company carries or may carry on business in
the future, risks associated with development activities, the
speculative nature of exploration and development, including the
risk of obtaining necessary licenses and permits, and assumed
quantities or grades of reserves. Many of these uncertainties and
contingencies can 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.
Newport Exploration Ltd.Barbara DunfieldDirector and Chief
Financial
Officer604-685-6851info@newport-exploration.comwww.newport-exploration.com
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