Trading Symbol: NWX (TSX-V)
In a News Release dated
Production
Beach's First Half FY22 production from the Western Flank was 2.9MMboe.
Beach report that in its First Half FY22 Western Flank oil production outperformed previously disclosed decline rates. (Note: Western Flank includes the Company's GOR licences ex PEL's 91, 106,107 and PRL 26, as well as licenses ex PEL's 92, 104 and 111, over which the Company does not have a GOR).
Realized Oil and Gas Prices
As reported in the Company's News Release dated
Newport's second quarter ended
Drilling
Beach report a 100% success rate at four horizontal oil development wells, with a fifth well drilling ahead.
Two gas discoveries were reported from the gas exploration program on ex PEL 106, being the Rosebay 1 and Lowry South 1 wells.
Future Activities
Beach propose to 'tie-in' the Rosebay 1 gas well to the
Beach report that in the Second Half FY22 they will recommence the Western Flank Oil exploration campaign with 11 oil exploration wells, with additional wells planned after assessment of results.
"We are pleased with Beach's recent success on both oil and gas drilling, and look forward to their future oil drilling as this should increase reserves and continue to reduce previously anticipated field decline rates", stated
About Newport
The Company receives its GOR from Beach which is not a reporting issuer in
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
The Company currently has 105,579,874 common shares issued and outstanding and approximately
Details of the next GOR payment will be reported at the end of February or early
Neither the
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
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.
© 2022
SOURCE
© Canada Newswire, source