BEACH REPORT FIRST HALF FY23 RESULTS

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[{"type":"text","content":"\n \n \n \n BEACH REPORT FIRST HALF FY23 RESULTS\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. 14, 2023\n \n \n /CNW/ - 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 13\n \n \n th\n \n , 2023 in their FY23 Half Year Results.\n \n \n \n \n \n \n \n \n \n In a News Release dated\n \n February 1\n \n \n st\n \n , 2023, the Company made reference to Beach's FY23 Second Quarter Activities Report for the period ended\n \n December 31\n \n \n st\n \n , 2022.\n \n \n \n \n Production\n \n \n \n \n Beach's First Half FY23 production from the Western Flank was 1.9MMbbl.\n \n \n Beach report that in its First Half FY23, Western Flank oil production was 35% below the prior corresponding period. (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). The decrease in production was primarily attributable to flooding in the\n \n Cooper Creek\n \n , weather related downtime and supply chain and procurement challenges arising from changes to the drilling schedule due to the rain delays.  Consequently, a number of well connections planned for the period were delayed to Beach's Second Half of FY23.\n \n \n A total of 10 wells were drilled and remain unconnected at the end of the period, including five horizontal development wells, four appraisal wells and one exploration well.\n \n \n Based on the current outlook for drilling and connection activity during its Second Half of FY23, Beach is expecting full-year Western Flank oil production decline of ~10% from FY22 production of 3.4 MMbbl.  The revised outlook reflects a deferral of production which is principally related to weather and operational delays, with reservoirs performing as expec...

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