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Apr 06, 2016
HANSON-3 WELL ON EX-PEL 91 INTERSECTS TWO ZONES WITH NET PAY OF 6.5METRE AND IS CASED AND SUSPENDED AS A FUTURE PRODUCER FROM NAMUR AND McKINLAY.
Vancouver, British Columbia, April 6th, 2016
. Newport Exploration Ltd ("Newport" or "the Company") is pleased to report on the success of the Hanson-3 well on PPL 255 (ex-PEL 91) as reported by Beach Energy Ltd ("Beach") on April 6th, 2016. PPL 255 (Beach 100%) is located in the Cooper Basin, Australia and is subject to the Company's 2.5% gross overriding royalty.
Hanson-3 is located in the central area of the Hanson Field in PPL 255 and was drilled to develop oil bearing reservoirs within the McKinlay Member and Namur Sandstone. Beach reported that Hanson-3 intersected a 3.7 metre net oil column in the Namur Sandstone and a 2.8 metre gross oil bearing interval in the overlaying McKinlay Member. Hanson-3 has been cased and suspended as a future McKinley/Namur oil producer. The well also tested potential for reservoir development within the Birkhead Formation as a secondary target. Results were consistent with current mapping and potential for further development drilling in the field exists.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Santos Ltd in order to keep current during the exploration and development of all the licenses subject to the Company's gross overriding royalty.
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.