Vancouver, British Columbia, November 9th, 2015.
Newport Exploration Ltd ("Newport" or "the Company") is pleased to provide an update on the outlook for operation on production licences Ex-PEL's 91 and 106 in the Cooper Basin, Australia, which are subject to the Company's 2.5% gross overriding royalty.
As reported by Beach Energy Ltd ("Beach") in an Investor Relations Update, dated November 5th, 2015, Beach have a fully funded exploration program over the next year, to include up to seven exploratory, appraisal and development wells, with appraisal wells to test the northern and southern extensions of the Bauer Field.
The planned increase in the capacity of the Bauer facility to 133,000 bfpd (+58,000 bfpd) is already underway.
The Pennington and Stunsail facilities have recently been commissioned with a capacity of 20,000 bfpd each.
Solidus 3D and associated data reprocessing is ongoing (900 km2).
Two exploration wells are proposed to test stacked stratigraphic traps in liquids-rich play with drilling planned for early 2016.
At the Ragnal-1 well an extended production test is underway and Beach report "encouraging early results", with four wells to be brought on-line post completion and testing.
On the Western Flank of the Cooper Basin, several exploration targets have been identified by Beach using both conventional and inverted seismic technologies which have assisted in identifying new play types.
The Company continues to strongly encourage shareholders and potential investors to access information release independently by Beach, Santos Ltd and Drillsearch Energy Ltd. In order to keep current during an active period of both 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.