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Nov 11, 2014
BAUER-15 WELL IN PEL 91 INTERSECTS 5.1M OF NET OIL PAY IN NAMUR SANDSTONE
Vancouver, B C., November 11th, 2014. Newport Exploration Ltd ("Newport" or "the Company") is pleased to report the successful completion of the Bauer-15 development well in PPL 253 (ex PEL 91 as per the Company's news release dated October 15th, 2014) in the Cooper Basin, Australia that is subject to the Company's 2.5% gross overriding royalty.
As reported by the Operator, Beach Energy Ltd ("Beach") on November 11th, 2014, after intersecting 5.1m of net oil pay within the Namur Sandstone, the Bauer-15 well has been cased and suspended as a future Namur producer. Beach had projected a 3.5m oil column and is likely to increase the ultimate oil recovery from the field as a result. Bauer-15 was the second well in a six well program at Bauer, with Bauer-14 also having been cased and suspended as a future producer. Four further wells (Bauer-16,-17,-18 and-19) are to be drilled by Beach. Additional seismic work is also being undertaken on PEL 91.
Beach reported anticipating that production levels within PEL 91 will remain strong, with new facilities such as CKS (Congony-Kalladeina-Sceale) coming on line, the facility expansion at Bauer (see Company news release dated July 24th, 2014), as well as further appraisal wells planned for 2015.
Also as reported by Beach, the Canunda-2 appraisal well in PPL 257 (ex PEL 106 as per the Company's News release dated October 15th, 2014), has been cased and suspended as a future gas and condensate producer.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Drillsearch Energy Limited ("Drillsearch").
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.