Newport Exploration Ltd ('Newport' or 'the Company') is pleased to provide an update on operations and reserves on licenses 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 news releases dated 17th August, 2020, and reference should be made to their website for guidance.
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 for ex PEL's 104/11 and 92, and PEL 630 which are not. Beach report Western Flank reserves and contingent resources as at 30th June, 2020. 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's reported strategy in FY2020 yielded extensions of the Bauer and Hanson oil fields and the Lowry gas field in the Western Flank, as well as identifying additional drilling opportunities. Further Western Flank oil drilling is planned for FY2021. Gas drilling in the Western Flank is planned for FY2022.
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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 forwardlooking statements. Forward-looking statements may pertain to assumptions regarding Beach's drilling plans, 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 forwardlooking 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.
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