Vancouver, British Columbia, January 6th, 2016.
Newport Exploration Ltd ("Newport" or "the Company") is pleased to provide an update on the drilling progress on PPL 253 (Ex PEL 91) as reported by Beach Energy Ltd ("Beach"). Ex PEL 91 (Beach 40% and operator/Drillsearch Energy Limited ("Drillsearch") 60%) is located in the Cooper Basin, Australia and is subject to the Company's 2.5% gross overriding royalty.
As reported by Beach on January 5th, 2016, the Bauer-24 Well is the southern-most well in the Bauer Field and is located approximately 80 kilometres west of Moomba and approximately one kilometre north of the Chiton Field. The well was drilled to appraise a 'structural high' between the Bauer and Chiton fields as a possible extension of the Bauer Field. Primary targets were the McKinlay Member and Namur Sandstone reservoirs, with the Birkhead Formation providing a secondary target. The well was cased and suspended as a future producer following intersection of a three metre net oil column in the Namur Sandstone and a 3.5 metre gross oil bearing interval in the overlaying McKinlay Member.
The Bauer-25 appraisal well was spudded on 28 December 2015. Bauer-25 is located on the northern flank of the Bauer Field and is the northernmost well in the field. The northern flank is a low relief area extending to the Bauer North-1 discovery well, approximately 1.3 kilometres northeast of Bauer-25. The well will test a northern extension of the Bauer Field and is targeting the McKinlay Member and Namur Sandstone reservoirs, with the Birkhead Formation providing a secondary target. Success at Bauer-25 may provide encouragement for further appraisal drilling in the area.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Drillsearch, Beach and Santos Ltd in order to keep current during the exploration and development of the licences subject to the Company's 2.5% gross overriding royalty.
For further information contact:
Ian Rozier, Director and Chief Executive Officer
+1 604 685 6851
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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.