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 fourth quarter production from the Western Flank as reported by Beach are as follows: Production from the Western Flank was 1.0 MMboe, up 14% 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 of 779 kbbl was 21% above the prior quarter due to the connection of seven new horizontal wells and one new vertical well, with average initial production rates in line with pre-drill estimates.

One horizontal well was connected immediately following quarter-end and two further horizontal wells are awaiting connection. Gas and gas liquids production of 233 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. Fourth quarter 2023 Drilling Activities: The seven-well, ex PEL 91, oil development campaign targeting the McKinlay Member and Namur Sandstone in the Bauer and Arno field was completed, with three horizontal wells and one vertical well cased and suspended as future producers.

Bauer 74 drilled a 1,157 metre lateral section and intersected 321 metres of net oil pay. Bauer 75 drilled an 835 metre lateral section and intersected 120 metres of net oil pay. Arno 5 drilled a 1,060 metre lateral section and intersected 241 metres of net oil pay.

Bauer North 4, the only vertical well of the campaign, intersected 2.6 metres of net oil pay. Horizontal drilling was undertaken in the Balgowan field as follow-up to past oil development campaigns. Balgowan 8 drilled a lateral section of 1,169 metres and was cased and suspended as a future producer following an intersection of 315 metres of net oil pay.

The Chiton Southeast 1 oil exploration well targeted the Namur Sandstone and was plugged and abandoned. Beach's fiscal year 2023 Western Flank drilling program comprised of 24 wells and provided encouraging results with several follow-up opportunities identified. The campaign included fifteen successful horizontal oil development wells across eight fields, four successful appraisal wells in the Martlet field (ex PEL 104) and one exploration success at Rocky 1 (ex PEL 91).

Beach report that less development drilling will be undertaken in fiscal year 2024 with a greater focus on exploration and appraisal.