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BEACH REPORT ANNUAL PRODUCTION RESULTS, UPDATED RESERVES, AND PROPOSED FY24 ACTIVITIES
BEACH REPORT ANNUAL PRODUCTION RESULTS, UPDATED RESERVES, AND PROPOSED FY24 ACTIVITIES ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n BEACH REPORT ANNUAL PRODUCTION RESULTS, UPDATED RESERVES, AND PROPOSED FY24 ACTIVITIES\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 Aug. 15, 2023\n \n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") provides an update on operations and reserves 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 2023 Annual Report and FY23 Results Presentation, both dated 14\n \n th\n \n \n August 2023\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 licences ex PEL's 92, 104 and 111, over which the Company does not have a GOR.\n \n \n \n \n Production\n \n \n \n \n Beach report total Western Flank production for the year was 3.8 MMboe, a decrease of 27% from the prior year.\n \n \n The decrease in oil production was primarily attributable to flooding in the\n \n Cooper Creek\n \n , weather related downtime and challenges arising from changes to the drill schedule due to rain delays. Beach report there was an uptick in oil production toward the end of its year.\n \n \n Lower gas and associated liquids production was due to natural field decline.\n \n \n The Company will update shareholders as soon as it is in receipt of any specific production forecasts for the GOR licences.\n \n \n \n \n Reserves\n \n \n \n \n Beach report Western Flank reserves and contingent resources as at 30\n \n th\n \n June, 2023. Categories presented for reserves are 1P reserves (Proved) and 2P reserves (Proved and Probable). Reported reserves have been independently audited by RISC Advisory in accordance with the definitions and guidelines contained within the Petroleum Resources Management System (PRMS) as set out in SPE Reserves Auditing Standards in\n \n Australia\n \n .\n \n ...