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Oct 15, 2014
NEW OIL FIELD DISCOVERY ON PEL 91, PRODUCTION LICENCES GRANTED OVER AREAS WITHIN PEL'S 91 AND 107 IN AUSTRALIA
Vancouver, B.C., October 15th, 2014. Newport Exploration Ltd. ("Newport" or "the Company") is pleased to report that another new oil field discovery has been made with the successful completion of the Burners-1 exploration well on PEL 91. In addition, certain parts of PEL 91, PEL 106 and PEL 107 in the Cooper Basin, Australia, that are subject to the Company's 2.5% gross overriding royalty have been converted into newly issued Petroleum Production Licences ("PPL's").
New Oil Field Discovery
The Burners-1 well drilled on PEL 91 by Beach Energy Limited ("Beach") intersected a net oil pay of one meter in the Namur Sandstone and, Beach reports that the Burners-1 has been cased and suspended as a future producer. The Balgowan-1 and Burners-1 exploration wells represent the 14th and 15th new oil field discoveries on PEL 91. This continues the Namur oil play to the north-east of the Bauer, CKS and Stunsail oil fields.
Beach reported that the CKS oil fields (as referenced in the Company's news release dated August 13th, 2014) are expected to be brought into production later in 2014, with the Stunsail, Balgowan and Pennington fields brought into production in the first half of 2015.
Issuance of PPL's
Four parts of PEL 91 have been excised and issued PPL's, with identifiers PPL 253, PPL 254, PPL 255, PPL 256.
Part of PEL 107 has been excised and a new PPL granted as PPL 212 (otherwise referred to as the Kiana Field).
Part of PEL106 has been excised as PEL106A with the identifier PEL 632.
The Company continues to strongly encourage shareholders and potential investors to access information regarding the PEL's and PPL's and updates that may be released independently by Beach and Drillsearch Energy Limited ("Drillsearch") using the above identifiers.
All royalty payments received by the Company will continue to be reported in the Company's filed financial statements.
For further information contact:
Ian Rozier, Director and Chief Executive Officer
+1 604 685 6851
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this news release.
Cautionary Statement on Forward-Looking Information
This press release, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "should", "could", "expect", "anticipate", "contemplate", "target", "plan", "intends", continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. These forward-looking statements pertain to assumptions regarding the price of oil, fluctuations in currency markets (specifically the Australian dollar and the U.S. dollar), the future funding of the Company's projects, and the future development of the Company's projects. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, which considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, the risk of fluctuations in the assumed exchange rates of currencies that directly impact the Company, such as the Canadian dollar, Australian dollar and U.S. dollar, the risk of fluctuations in the assumed prices of oil, the risk of changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, the United States, Australia or other countries in which the Company carries or may carry on business in the future, risks associated with developmental activities, the speculative nature of exploration and development, including the risk of obtaining necessary licences and permits, and assumed quantities or grades of reserves. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements.
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.