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100% SUCCESS RATE FROM HORIZONTAL OIL DEVELOPMENT WELL DRILLING. TWO GAS DISCOVERIES ON EX PEL 91. ROSEBAY 1 GAS WELL ON EX PEL 91 TO BE TIED-IN TO THE MIDDLETON FACILITY. MORE OIL EXPLORATION WELLS PLANNED.
100% SUCCESS RATE FROM HORIZONTAL OIL DEVELOPMENT WELL DRILLING. TWO GAS DISCOVERIES ON E...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n 100% SUCCESS RATE FROM HORIZONTAL OIL DEVELOPMENT WELL DRILLING. TWO GAS DISCOVERIES ON EX PEL 91. ROSEBAY 1 GAS WELL ON EX PEL 91 TO BE TIED-IN TO THE MIDDLETON FACILITY. MORE OIL EXPLORATION WELLS PLANNED.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n Trading Symbol: NWX (TSX-V)\n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Feb. 15, 2022\n \n \n /CNW/ -\n \n Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to provide information provided by Beach Energy Ltd (\"Beach\") regarding assets on the Western Flank of the Cooper Basin,\n \n Australia\n \n , as reported on\n \n February 14\n \n \n th\n \n , 2022 in their FY22 Half Year Results.\n \n \n \n \n \n \n \n \n \n \n \n In a News Release dated\n \n January 26\n \n \n th\n \n , 2022, the Company made reference to Beach's FY22 Second Quarter Activities Report for the period ended\n \n December 31\n \n \n st\n \n , 2022.\n \n \n \n \n \n \n Production\n \n \n \n \n \n \n Beach's First Half FY22 production from the Western Flank was 2.9MMboe.\n \n \n \n \n Beach report that in its First Half FY22 Western Flank oil production outperformed previously disclosed decline rates. (Note: Western Flank includes the Company's GOR licences ex PEL's 91, 106,107 and PRL 26, as well as licenses ex PEL's 92, 104 and 111, over which the Company does not have a GOR).\n \n \n \n \n \n \n Realized Oil and Gas Prices\n \n \n \n \n \n \n As reported in the Company's News Release dated\n \n January 26\n \n \n th\n \n , 2022, the realized oil price for Beach's quarter ended\n \n December 31\n \n \n st\n \n , 2021, was AUD117.1/bbl.\n \n \n \n \n \n Newport's\n \n second quarter ended\n \n January 31\n \n \n st\n \n , 2022 and therefore, based on the continued increase in oil prices through January, the Company anticipates a higher realized oil price for its quarter and this should be reflected in the next GOR payment to the Company.\n \n \n \n \n \n \n Drilling\n \n \n \n \n \n \n Beach report a 100% success rate at four horizontal oil development wells, with a fifth well ...