Vancouver, British Columbia, December 4th, 2014. Newport Exploration Ltd
("Newport" or "the Company") is pleased to provide a further update on the pad well program developments in the Bauer field on PEL 91 in the Cooper Basin, Australia which is subject to the Company's 2.5% gross overriding royalty.
Beach Energy Ltd ("Beach") reports that the successful Bauer drilling campaign continues to produce results above expectations, with 2P reserve increases expected. A six well development campaign at Bauer aimed to support past record levels of production through the development of the highly productive Namur Sandstone reservoir is near completion. The Bauer pad drilling campaign involves the Bauer-16 to -19 wells and is expected to be completed within 30 days.
As reported in a previous news release by the Company, the first of the wells, Bauer-19, intersected the Namur reservoir with 8.7 metres of net oil pay, with an additional 4.0 metre oil bearing gross interval of overlying McKinlay member.
Beach reported the second of the pad wells, Bauer-16, intersected the Namur reservoir with 3.5 metres of net oil pay and an additional 4.0 metre oil bearing gross interval of overlying McKinlay member.
This was followed by Bauer-17, which intersected the Namur with 5.4 metres of net oil pay and a 4.2 metre oil bearing gross interval of overlying McKinlay member.
Bauer-16, -17 and -19 were cased and suspended as future oil producers. Bauer-18 is the final pad well and Beach reports it is expected to reach total depth shortly.
As previously reported, Bauer-14 was drilled in October 2014 in the central part of the field. The well was cased and suspended as a future McKinlay oil producer based on a 4.1 metre gross oil bearing interval. The well was perforated in the McKinlay member and flow tested at ~250 barrels of oil per day ("bopd") over a four hour period. The second vertical well, Bauer-15, was drilled in the northern part of the field and intersected the top of the Namur reservoir 2.2 metres high to prognosis, with 5.1 metres of net oil pay. Limited time flow testing produced a flow rate of ~5,000 bopd from the Namur Sandstone.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Drillsearch Energy Ltd.
Ian Rozier, Director and Chief Executive Officer
+1 604 685 6851
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Cautionary Statement on Forward-Looking Information
This news 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.