Trading Symbol: NWX (TSX-V)
VANCOUVER, BC, Aug. 13,
2024 /CNW/ - Newport Exploration Ltd ("Newport"
or "the Company") provides an update on operations and reserves for
licences in the Cooper Basin, Australia, over which the Company has a 2.5%
gross overriding royalty ("GOR"). This information was
reported by Beach Energy Ltd ("Beach") (ASX: BPT) in its 2024
Annual Report and FY24 Results Presentation, both dated
12th August 2024.
Beach reports on the Western Flank, which includes ex PEL's 91,
106 and 107, and PRL 26 which are subject to the Company's GOR, as
well as licences ex PEL's 92, 104 and 111, over which the Company
does not have a GOR.
Production
Beach report total Western Flank production for the year was 3.4
MMboe, a decrease of 12% from the prior year. Beach expects FY25
natural field decline of up to 40% while drilling inventory is
refreshed.
The decrease in production was mainly due to natural field
decline and production interruptions from heavy rain in the Western
Flank, partially offset by new oil well connections early in the
year.
The Company will update shareholders as soon as it is in receipt
of any specific production forecasts for the GOR licences.
Reserves
Beach report Western Flank reserves and contingent resources as
at 30th June, 2024. Categories presented for reserves
are 1P reserves (Proved) and 2P reserves (Proved and Probable).
Reported reserves have been independently audited by RISC Advisory
in accordance with the definitions and guidelines contained within
the Petroleum Resources Management System (PRMS) as set out in SPE
Reserves Auditing Standards in Australia.
Beach report the following Western Flank 1P reserves at
30th June 2024:
- Oil – 5.9 MMboe (31% is attributable to the Company's GOR
licences)
- Gas – 1.9 MMboe (63% is attributable to the Company's GOR
licences)
Beach report the following Western Flank 2P reserves at
30th June 2024:
- Oil – 13 MMboe (38% is attributable to the Company's GOR
licences)
- Gas – 2.5 MMboe (64% is attributable to the Company's GOR
licences)
FY25 Focus
Beach's focus for FY25 in the Western Flank is as follows;
- Oil development drilling from Q4 2025 (Bauer field)
- Refresh of exploration inventory for potential FY26
drilling
- Optimization initiatives for sustainable cost savings
About Newport
Newport has a 2.5% Gross
Overriding Royalty ("GOR") over permits in the Cooper Basin,
Australia, operated by Beach
Energy Ltd ("Beach"). There is no time limit or expiry date on the
GOR assets, and no cost to the Company to retain them.
Newport has no control over
operating decisions made by Beach. Accordingly, this prevents the
Company from commenting on Beach's operating plans going forward.
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 potential production of all the
licences subject to the Company's GOR. The Company receives its GOR
from Beach, which is not a reporting issuer in Canada, therefore Newport is not able to confirm if the
disclosure satisfies the requirements of NI 51-101 - Standards of
Disclosure for Oil and Gas Activities, or other requirements of
Canadian securities legislation.
The Company currently has 105,579,874 common shares issued and
outstanding and approximately $1.6
million in the Treasury (comprised of cash, cash equivalents
and short-term investments), and no debt.
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 the
price of oil and fluctuations in currency markets (specifically the
Australian dollar) and future dividend payments. 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.
