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Beach 2021 Investor Update Gas Discoveries, Recent Drilling Success, More Oil Wells Planned
Beach 2021 Investor Update Gas Discoveries, Recent Drilling Success, More Oil Wells Plann...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n Beach 2021 Investor Update Gas Discoveries, Recent Drilling Success, More Oil 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 VANCOUVER, BC\n \n ,\n \n Sept. 29, 2021\n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") provides an update on operations for licences in the Cooper Basin,\n \n Australia\n \n , over which the Company has a 2.5% gross overriding royalty (\"GOR\").  This information was reported by Beach Energy Ltd (\"Beach\") (ASX: BPT) in its 2021 Investor Update dated\n \n 28 September 2021\n \n .\n \n \n \n \n \n \n \n \n \n Beach reports on the Western Flank, which includes ex PEL's 91, 106 and 107, and PRL 26 which are subject to the Company's GOR, as well as for ex PEL's 92, 104/111, PEL's 113/115/516/90/93, PRL's 83, 135 and PPL 270 which are not.\n \n \n \n \n Production\n \n \n \n \n Beach report the following from the Western Flank;\n \n \n \n 27 producing oil fields, 4 producing gas fields\n \n \n Majority of fields are fully appraised and producing under natural reservoir decline following extensive development drilling it its FY20 and FY21\n \n \n 185 wells producing, 115 wells on a level of support\n \n \n FY23-25 decline rate is projected to progressively reduce from ~20% to ~12%, similar to single well decline\n \n \n Five additional development wells are planned for its Q2 FY22 to increase production, reduce decline rates and convert undeveloped to developed reserves\n \n \n Further production increase through re-completion of other reservoirs\n \n \n \n Middleton\n \n gas volumes are contracted until its mid-FY22\n \n \n \n \n \n Exploration\n \n \n \n \n Beach report the following from the Western Flank;\n \n \n \n \n Oil\n \n \n \n \n \n 24 oil prospects were developed to drillable status in Beachs' FY22\n \n \n Up to 15 oil exploration wells planned for the second half of FY22\n \n \n Focus will be on proven\n \n Namur\n \n and McKinlay reservoirs\n \n \n Drilling will be adjacent to existing discoveries to faci...