Newport Exploration Ltd. provided an update for licences in the Cooper Basin, Australia, over which the Company has a 2.5% gross overriding royalty (GOR). Production: Highlights of the first quarter production from the Western Flank in the Beach report are as follows: Production from the Western Flank was 1.0 MMboe, down 10% on 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). Western Flank oil production was 676 kbbl, down 10% on the prior quarter, and gas and gas liquids production of 229 kboe was 11% below the prior quarter.

Flooding of the Cooper Creek and weather-related downtime delayed the connection and workover of wells. However, Beach note that despite the delays experienced during the quarter, it maintains its target for flat oil production in its fiscal year 2023. At quarter-end, Beach had 11 oil wells awaiting connection, including three exploration wells, three horizontal development wells and five appraisal wells.

The Company will update shareholders as soon as it is in receipt of any specific production forecasts for the GOR licences. Realized Gas & Oil Prices: The average realized gas price was AUD 8.5 per GJ, a 3% decrease on the prior quarter. The average realized price of oil was AUD 157.1/bbl, a 6% decrease over the prior quarter.

Beach report their average realized price across all products was AUD 76.1/boe, an 11% decrease over the prior quarter. First Quarter Fiscal Year 2023 Drilling Activities: Two vertical oil exploration wells were drilled in ex PEL 91 targeting the Birkhead reservoir. The first wells, Knapmans 1, was plugged and abandoned.

The second well, Rocky 1, intersected approximately three metres of net oil pay and was cased and suspended as a future producer and will be fracture stimulated, completed and connected. The results from the Rocky 1 well indicate oil migration west of existing commercial fields and will help guide the Birkhead exploration campaign planned for Beach's fiscal year 2024. A two-well horizontal fracture stimulated oil pilot project in the Stunsail and Kangaroo fields (ex PEL 91) progressed during the quarter with completion of drilling of the second well, Kangaroo 3. The well drilled a 3,647 metre lateral section and was cased and suspended as a future producer.

Fracture stimulation of Stunsail 8 and Kangaroo 3 will be undertaken in Beach's second quarter fiscal year 2023.