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BEACH REPORT ANNUAL PRODUCTION RESULTS, UPDATED RESERVES, AND PROPOSED FY25 ACTIVITIES
BEACH REPORT ANNUAL PRODUCTION RESULTS, UPDATED RESERVES, AND PROPOSED FY25 ACTIVITIES ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n\n\n\n BEACH REPORT ANNUAL PRODUCTION RESULTS, UPDATED RESERVES, AND PROPOSED FY25 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. 13, 2024\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 2024 Annual Report and FY24 Results Presentation, both dated 12\n \n th\n \n\n August 2024\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 3.4 MMboe, a decrease of 12% from the prior year. Beach expects FY25 natural field decline of up to 40% while drilling inventory is refreshed.\n \n\n The decrease in production was mainly due to natural field decline and production interruptions from heavy rain in the Western Flank, partially offset by new oil well connections early in the year.\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, 2024. 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\n Beach report the following Western Flank 1P reserves at 30\n \n th\n \n\n June 2024\n \n :\n \n\n\n Oil – 5.9 ...