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Apr 01, 2015
BAUER FIELD SECOND PAD DRILLING RESULTS EXPECTED TO ADD TO 2P RESERVES AND SUPPORT CURRENT PRODUCTION LEVELS
Vancouver, British Columbia, April 1st, 2015. Newport Exploration Ltd. ("Newport" or "the Company") is pleased to provide an update on recent drill results from PRLs 151 to 172 (formerly PEL 91) in the Cooper Basin in Australia, which are subject to the Company's 2.5% gross overriding royalty.
In a news release dated April 1st 2015 Beach Energy Ltd ("Beach") reported the results from the second four-well pad drilling campaign (Bauer-20 to -23) that was completed in the Bauer Field targeting the highly productive Namur sandstone reservoir and the overlaying McKinlay Member. The Bauer-20 to -23 pad wells were drilled approximately 10 metres apart at surface, with directional drilling commencing from depths of approximately 700 metres to reach target zones. Results from the program were in line with Beach's pre-drill expectations with Bauer-23 producing an upside result after intersecting a 6.8 metre Namur sandstone oil column. Beach's preliminary assessment of well results is summarized below.
High / (Low) to Prognosis (metres)
Namur Sandstone Oil Pay (net; metres)
McKinlay Member Interval (gross: metres)
Beach reports that when combined with the results from the first pad drilling program (Bauer-16 to -19), the second pad wells are expected to add 2P reserves and support current production levels. ("Reserves and Resources Disclosure Rules For Mining and Oil and Gas Companies" as required by the Australian Securities Exchange Rules and in compliance with the Petroleum Resources Management System ("SPE-PRMS") definitions and guidelines-an internationally recognized Reserve Classification System for Oil and Gas Properties).
The Longbottoms-1 exploration well in PRL 171 (centrally located between the Stunsail and Kalledeina oil fields) encountered approximately one metre of net pay in the Namur sandstone and was plugged and abandoned due to the result being sub-commercial.
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.