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Mar 10, 2015
NEW WESTERN FLANK OIL DISCOVERY AND BAUER FIELD PAD DRILLING RESULTS IN COOPER BASIN, AUSTRALIA
Vancouver, British Columbia, March 10th, 2015. Newport Exploration Ltd. ("Newport" or "the Company") is pleased to announce a new Birkhead oil discovery and 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.
Beach Energy Ltd ("Beach"), reported a new Birkhead Formation oil discovery at Stanleys-1 (Beach 40% and Operator, Drillsearch Energy Ltd 60%) in PRL 171 (within the former PEL 91) on the Western Flank. The Stanleys-1 exploration well is located 3.9 kilometres north-east of the Balgowan-1 oil discovery and 3.5 kilometres south-west of the Spitfire Field. Stanleys-1 reached total depth on March 5th, 2015 with strong oil shows encountered through the Birkhead Formation. Wireline logs indicated a seven metre gross reservoir interval corresponding to the strong oil shows. A drill stem test over an interval from 1,713 metres to 1,724 metres (measured depth) recovered 23 barrels of oil over 117 minutes at a calculated rate of 280 barrels of oil per day. Consequently, Stanleys-1 will be cased and suspended as a future oil producer. Once the well is cased and suspended, the Ensign 930 rig will move from Stanleys-1 to Longbottoms-1, the next oil exploration well in the former PEL 91 licence.
Beach also reported initial results from Bauer-23, the first development well of the second Bauer Field pad drilling campaign. The second four-well pad drilling campaign commenced in the north of the Bauer Field in February 2015, targeting the highly productive Namur Sandstone reservoir and overlying McKinlay Member. Top hole batch drilling at Bauer-20, -21 and -22 was completed in February, with Bauer-23 subsequently drilled to total depth. Real-time logging while drilling data from Bauer-23 indicated the target top Namur Sandstone was intersected approximately three metres high to prognosis, with a preliminary estimate of six metres of net oil pay and an additional four metre oil bearing gross interval of overlying McKinlay Member. The well will be cased and suspended as a future producer.
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.