Trading Symbol: NWX (TSX-V)
VANCOUVER, BC,
Realized Oil & Gas Prices
The average realized price of oil was AUD$110.3/bbl, up 11% on the previous quarter. This realized oil price is for Beach's quarter ended
The realized gas price decreased 2% to AUD$7.5 per GJ, a 5% increase on the prior corresponding period.
Beach report their average realized price across all products was AUD$67.3/boe, a 3% increase over the prior quarter.
Production
Highlights of the first quarter production from the Western Flank in the Beach report are as follows.
Production from the Western Flank was 1.6 MMboe, down 10% on the prior quarter, with lower volumes offset by higher gas and associated liquids production. (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). Western Flank oil production was 1.0 MMboe, down 18% on the prior quarter due to natural field decline, with no new wells tied-in during the quarter.
Higher than anticipated production rates and development activity during the second quarter of FY22 are expected to further reduce declines during the second half of its financial year.
Western Flank gas and gas liquids production was 574 kboe, up 12% on the prior quarter, following planned maintenance work at the
The Company will update shareholders as soon as it is in receipt of any specific production forecasts for the GOR licences.
FY22 Drilling Activities
Beach commenced the FY22 oil drilling program with the Kangaroo 2 appraisal well drilled in ex PEL 91 to appraise the Birkhead reservoir of the Kangaroo field. The well intersected the oil-bearing Birkhead reservoir and was completed as a future water injector to support oil recovery from the field.
The FY22 gas exploration drilling program commenced in ex PEL 106 in late
A total of three horizontal development wells will be drilled in ex PEL 91 in the McKinlay reservoir of the Balgowan and Kalladeina fields. Beach anticipate drilling of up to 15 oil exploration wells in various licences throughout the Western Flank.
"Beach's previously announced anticipated field decline rates were based on existing reserves at that time with no consideration for new wells to replace oil reserves, so we are pleased with their recent success in oil and gas drilling on our GOR licences as well as their proposed drilling activities on ex PEL 91", 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 November 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.
© 2021
SOURCE
© Canada Newswire, source