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Beach report increased production, continued drilling success, and plans for FY2020 exploration and development in the Cooper Basin, Australia
Beach report increased production, continued drilling success, and plans for FY2020 explor...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n\n\n\nBeach report increased production, continued drilling success, and plans for FY2020 exploration and development in the Cooper Basin, Australia\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\nCanada NewsWire\nVANCOUVER, Oct. 29, 2019\n\n\n\nTrading Symbol: NWX (TSX-V)\n VANCOUVER, Oct. 29, 2019 /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to provide an update on production, drilling activities, and proposed exploration and development on licenses in the Cooper Basin, Australia 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 FY2020 First Quarter Activities Report dated 28th October, 2019, and in Beach's 'US and Canada Roadshow Presentation' dated 29th October, 2019, and reference should be made to their website for their interpretation and guidance.\n\n \n \n\n \nPRODUCTION\nBeach report, Western Flank quarterly production was 2.1 MMboe, 7% higher than the prior quarter and was driven by both strong gas and oil production. This is the fifth consecutive quarterly production increase reported by Beach.\nOil\nBeach report, gross overage daily oil production from the Western Flank was 19.6 kbbl, up from 18.4 kbbl in the prior quarter.  (NOTE: Western Flank includes the Company's GOR licences ex PEL's 91, 106, and 107, as well as licenses ex PEL's 92, 104 and 111, over which the Company does not have a GOR).\nBeach-operated oil production increased 10% to 1,483 kboe.\nA total of 11 new oil wells were brought online in the quarter, comprising six horizontal producers and five vertical producers.\nThe three Chiton horizontal oil wells drilled during the quarter on ex PEL 91 were brought on line in September following strong post drill results accelerating >45 kbbls into the quarter. \nArtificial lift installations and conversions were undertaken at six wells and the conversion of producing well Bauer-29 on ex PEL 91 from a beam pump to an Electrical Submersible Pump (\"ESP\") resulted in a production rate of 3,000 bopd, more than d...