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Jul 23, 2015
UPDATE ON PRODUCTION AND DEVELOPMENT ON PEL 91 AND PRL 133 IN THE COOPER BASIN, AUSTRALIA
Trading Symbol: NWX (TSX-V)
Vancouver, British Columbia, July 23rd, 2015. Newport Exploration Ltd ("Newport" or the "Company") is pleased to provide a production and development update on the production licenses in the former PEL 91, and exploration results from PRL 133 in the Cooper Basin, Australia, which are subject to the Company's 2.5% gross overriding royalty.
As reported by Drillsearch Energy Ltd ("Drillsearch") on July 23rd 2015, average daily production from the Western Flank Joint Venture (Drillsearch 60%; Beach Energy Ltd ("Beach") 40% and Operator) from the former PEL 91 during the June 2015 quarter was 12,356 bbls/d (gross) compared with 10,081 bbls/d (gross) during the March 2015 quarter, as Bauer wells -16 to -19 were brought on line. During the June 2015 quarter, the Joint Venture achieved a milestone of 10 million barrels produced from the licences in these permits.
The final well of the FY2015 Western Flank drilling campaign, Pennington -4, was drilled as a stand-alone appraisal well to test the upside potential of the Namur reservoirs in the Pennington field. Drillsearch's initial interpretation of Pennington -4 showed that it intersected net pay of 6.1 metres over a gross column of 7.9 metres in the McKinlay/Namur. Pennington -4 was cased and suspended for future oil production.
Development work continued in the area with new facilities at Stunsail completed and at Pennington nearing completion. The pipeline connecting the Balgowan, Stunsail and Pennington fields to Bauer has been constructed and tested, with production from all three fields expected to begin over the next six months. In mid-July, the Joint Venture began trucking production from Stunsail to the Bauer Central processing Facility ahead of the pipeline being commissioned.
As reported in a previous news release, on the Wet Gas Joint Venture (Santos Ltd ("Santos") 60% and Operator; Drillsearch 40%), the near-field exploration well Nulla Nulla North-1 on PRL 133 (formerly PEL 632) targeted wet gas in the Patchewarra Formation and Tirrawarra Sandstone. Drillsearch have subsequently reported 4.8 metres of net pay across several zones in the Patchewarra Formation, with a gross interval of 251 metres. The well has been cased and suspended as a future producer. Also on PRL 133, the Aquamarine well was cased and abandoned.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach, Santos and Drillsearch in order to keep current during an active period of 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.