News Releases are added to our web site immediately upon release to the general public. If you would like to receive news releases via e-mail please click here.
Mar 04, 2015
UPDATE ON DEVELOPMENTS IN COOPER BASIN, AUSTRALIA
Vancouver, British Columbia, March 4th, 2015. Newport Exploration Ltd. ("Newport" or "the Company") is pleased to provide an update on recent drill results in the Cooper Basin in Australia, which are subject to the Company's 2.5% gross overriding royalty.
Liquids rich gas discovery in PRLs 129 to 130 (formerly PEL 106)
Beach Energy Ltd ("Beach") reported that Ralgnal-1, the final well in a five-well exploration and appraisal campaign targeting gas and gas liquids in the Patchawarra Formation, was cased and suspended as a future gas and gas liquids producer after intersecting 5.7 metres of net pay in the Patchawarra Formation.
PRLs 151 to 172 (formerly PEL 91)
Beach reported that the previously announced new four-well pad drilling campaign commenced in the north of the Bauer Field, targeting the highly productive Namur Sandstone reservoir and overlying McKinlay Member. Bauer-20 to -23 will be drilled from a single pad and located approximately 10 metres apart at surface, with directional drilling to commence from depths of approximately 700 metres to reach target zones. Top hole batch drilling at Bauer-20, -21 and -22 was undertaken in February 2015. Bauer-23 will spud imminently and be drilled to total depth, with production hole drilling at Bauer-20, -21 and -22 to follow.
Additionally, the Stanleys-1 exploration well spudded on February 25th, 2015 and is currently drilling ahead. It is located approximately 3.9 kilometres north-east of the Balgowan-1 oil discovery and 3.5 kilometres south-west of the Spitfire and Growler fields. As with recent discoveries in the area, the well is targeting the Namur Sandstone, with the McKinlay Member, mid-Namur Sandstone and Birkhead Formation as secondary targets.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Drillsearch Energy Limited in order to keep current during an active period in the exploration and development of these licences.
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.