Production
Highlights of the second quarter production from the Western Flank as reported by Beach are as follows:
Production from the Western Flank was 626 kboe, 6% below the prior quarter (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), mainly due to natural field decline which was partially mitigated through strong reservoir performance, high facility uptime and ongoing optimization activities.
Western Flank oil production of 455 kbbl was 7% below the prior quarter.
Gas and gas liquids production of 171 kboe was 3% below the prior quarter.
The Company will update shareholders as soon as it is in receipt of any specific production forecasts for the GOR licences.
The average realized price of oil was AUD$123/bbl, a 3% decrease over the prior quarter.
The average realized price of gas was AUD$10.7 per GJ, a 3% increase over the prior quarter.
Beach report their average realized price across all products was AUD$83/boe, a 7% increase over the prior quarter.
Drilling Activities
Beach reported no drilling was undertaken during the quarter. Drill rig negotiations are underway for a development and appraisal campaign of up to 10 wells, commencing in Q4 FY25. Planning continued for a potential exploration drilling campaign in FY26.
About Newport
Newport has a 2.5% Gross Overriding Royalty ("GOR") over permits in the
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
The Company currently has 105,579,874 common shares issued and outstanding and approximately
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of 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 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
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
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