Vancouver, British Columbia, October 11th, 2016.
Newport Exploration Ltd ("Newport" or "the Company") reports on exploration results as announced by Beach Energy Ltd ("Beach") on October 10th, 2016 from the Kangaroo-1 Well on Ex-PEL 91 located in the Cooper Basin, Australia, which is subject to the Company's 2.5% gross overriding royalty.
As reported in a news release by the Company on October 5th, 2016, the Kangaroo-1 Well was spudded on 29th September 2016 targeting stratigraphically trapped oil within the Birkhead Formation. Kangaroo-1 is the first well of Beach's 10 exploration well campaign for their FY2017 exploration program and is located in approximately four kilometres North West of the Spitfire Field, which produces oil from the target reservoir interval.
Beach reports that the Kangaroo-1 exploration well intersected a 20 metre gross oil column in the Birkhead Formation. A drill stem test (DST) over the Birkhead Formation (1694.5m to 1712.0 mRT) recovered 41.6 barrels of approximately 52 degree API oil from the drill string following a 3.13 hour flow period. Beach also reports that there were no indications of formation water from the DST and that the flow rate was calculated as 320 bopd.
The results from Kangaroo-1 have the potential to expand the prospectivity across Beach's operated Western Flank permits and Beach have already identified two separate follow-up prospects in proximity to the Kangaroo-1 discovery.
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.