Vancouver, British Columbia, September 8th, 2016.
Newport Exploration Ltd ("Newport" or "the Company") received the Beach Energy Ltd ("Beach") Monthly Drilling Report (published on September 7, 2016) announcing it had commenced its FY17 operated drilling program with the Hanson-4 development well on PPL 255 (ex-PEL 91). PPL 255 (Beach 100%) is located in the Cooper Basin, Australia and is subject to the Company's 2.5% gross overriding royalty.
As reported by Beach, the Hanson-4 development well is located on the eastern culmination of the Hanson Field in PPL 255, approximately 85 kilometres west-northwest of the Moomba processing facility and targeted oil bearing reservoirs within the Namur Sandstone and overlaying McKinlay Member. The well also assessed potential for reservoir development in the Lower Birkhead Formation. Beach reported Hanson-4 was cased and suspended as a future oil producer following intersection of approximately three metres of net pay in the Namur Sandstone and three metres of net pay in the McKinlay Member. These results were in-line with pre-drill estimates. The well is expected to be brought online in Beach's Q2 2017.
Additionally, Beach reported drilling the Stunsail-3 well to develop oil bearing reservoirs in the Namur and Mid-Namur Sandstone in the Stunsail Field, which is located approximately 85 kilometres northwest of the Moomba processing facility. Stunsail-3 will also assess potential for reservoir development in the Lower Birkhead Formation. The well was spudded on August 29th, 2016 and is awaiting clearance of wet weather conditions before drilling ahead.
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
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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.
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