Wednesday, September 29, 2021 10:41:45 AM
As well development of oil and gas fields may increase output to counter older field reductions of output and increase total output.
"("Newport" or "the Company") provides an update on operations for licences in the Cooper Basin, Australia, over which the Company has a 2.5% gross overriding royalty ("GOR"). This information was reported by Beach Energy Ltd ("Beach") (ASX: BPT) in its 2021 Investor Update dated 28 September 2021.
Newport Exploration Ltd. Logo (CNW Group/Newport Exploration Ltd.)
Beach reports on the Western Flank, which includes ex PEL's 91, 106 and 107, and PRL 26 which are subject to the Company's GOR, as well as for ex PEL's 92, 104/111, PEL's 113/115/516/90/93, PRL's 83, 135 and PPL 270 which are not.
Production
Beach report the following from the Western Flank;
27 producing oil fields, 4 producing gas fields
Majority of fields are fully appraised and producing under natural reservoir decline following extensive development drilling it its FY20 and FY21
185 wells producing, 115 wells on a level of support
FY23-25 decline rate is projected to progressively reduce from ~20% to ~12%, similar to single well decline
Five additional development wells are planned for its Q2 FY22 to increase production, reduce decline rates and convert undeveloped to developed reserves
Further production increase through re-completion of other reservoirs
Middleton gas volumes are contracted until its mid-FY22
Exploration
Beach report the following from the Western Flank;
Oil
24 oil prospects were developed to drillable status in Beachs' FY22
Up to 15 oil exploration wells planned for the second half of FY22
Focus will be on proven Namur and McKinlay reservoirs
Drilling will be adjacent to existing discoveries to facilitate tie-in for FY23 onwards production
Gas
Commenced drilling the four gas exploration wells planned for its FY22
Two discoveries have been made from the three wells drilled to-date on ex PEL 106, being the Rosebay and Lowry South wells.
Plans for wells to be tied in late Q2 FY 222
Reserves will be evaluated once production history is sufficient
Further potential exists within and to the south of the existing fields
About Newport
The Company receives its GOR from Beach, which is not a reporting issuer in Canada. Therefore Newport is not able to confirm if disclosure satisfies the requirements of Canadian Securities legislation.
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 Beach and Santos Ltd in order to keep current during exploration, development and production of all the licenses subject to the Company's GOR.
The Company currently has 105,579,874 common shares issued and outstanding and approximately $4.9 million in the treasury (comprised of cash, cash equivalents, and short-term investments), and no debt"
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