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Jan 07, 2015
BAUER-18 WELL INTERSECTS 6.6M NET OIL PAY
Vancouver, British Columbia, January 7, 2015. Newport Exploration Ltd. ("Newport" or "the Company") is pleased to provide an update on drill results in the Cooper Basin, Australia, which are subject to the Company's 2.5% gross overriding royalty.
PRL's 151 to 172 (formerly PEL 91)
As reported in a previous news release by the Company (dated December 23rd, 2014), Bauer-18, the last well of six-well oil development campaign in the Bauer field, was completed in December. In a news release date 7th January 2015, Beach Energy Ltd ("Beach") reported that Bauer-18 intersected the target Namur Sandstone with 6.6m of net oil pay. An additional 4.2m oil bearing gross interval of overlying McKinlay Member was also intersected. Bauer-18 was cased and suspended as a future Namur Sandstone producer.
Beach reported that the six recently drilled Bauer development wells are all expected to be online in early 2015 and that an increase in 2P reserves is expected.
The Hanson-2 oil development well was spudded on 29th December 2014 and has reached total depth. Beach reports that the well is currently being evaluated with initial indications of an 8.0m gross oil column in the McKinlay Member and Namur Sandstone reserves.
PRL's 129 to 130 (formerly PEL 106)
Beach reported that the four-well exploration and appraisal campaign, which is proximal to the existing Canunda field and gas pipeline to Middleton, was completed in December. The program targeted gas and gas liquids in the Patchawarra Formation and Tirrawarra Sandstone. The Canunda-2 well was cased and suspended in October 2014. Maupertuis-1, the second well in the program, was also cased and suspended. The Antechamber-1 and Danville-1 wells were drilled in December, with the wells being plugged and abandoned after failing to intersect commercial hydrocarbons.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Drillsearch in order to keep current during an active period in the exploration and development of these permits.
For further information contact:
Ian Rozier, Director and Chief Executive Officer
+1 604 685 6851
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this news release.
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.