Vancouver, British Columbia, December 3, 2014. Newport Exploration Ltd ("Newport" or "the Company") is pleased to provide a further update on developments on PEL 91 and PEL 106 in the Cooper Basin, Australia both of which are subject to the Company's 2.5% gross overriding royalty.
PEL 91
Following the successful Bauer -19 development well (as reported in Company News Release dated November 25, 2014) the Operator, Beach Energy Ltd ("Beach"), reported that three more wells are planned to be drilled at Bauer in the next 30 days.
Beach also reports that with the discoveries at Stunsail-1, Balgowan-1 and Burrows-1 wells, the Namur play fairway has been extended to the northeast on PEL 91, and that planning is underway to further appraise the Bauer, Chiton, Stunsail and Pennington fields with new focus on untapped potential in the mid-Namur, Birkhead, Poolawana and Patchawarra formations.
Beach reported that new pipelines from CKS (Congony-Kalladeina-Sceale), Stunsail and Pennington facilities will feed into a new hub to be a gateway for transportation of oil through a single pipeline to Bauer, with the Balgowan field expected to tie-in to the Stunsail facility and be on-line in April 2015. Planning is also underway for a Pennington facility which Beach expects to be on-line in June 2015.
As previously reported by the Company, the current 3D seismic program on PEL 91 is expected to generate additional targets, focussing on acreage to the north of Bauer; recording is 90% complete with processing and interpretation of data expected to take six months.
PEL 106
The Canunda-2 appraisal well has been cased and suspended as a future producer of gas and condensate and the Maupertuis-1 well is currently being drilled with two further exploration wells, Antechamber-1 and Danville-1, planned for 2015.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Drillsearch Energy Ltd.
Newport currently has 79,139,874 million shares issued and outstanding with approximately CAD $20,083,073 in the treasury following the receipt of the most recent royalty payment of AUD $2,160,219.
Ian Rozier, Director and Chief Executive Officer
+1 604 685 6851
[email protected]
www.newport-exploration.com
www.beachenergy.com.au
www.drillsearch.com
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.