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Beach Report New Wells Being Brought Online, New Wells Planned, Production Targets, Budget for Western Flank and Life of Assets
Beach Report New Wells Being Brought Online, New Wells Planned, Production Targets, Budge...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n Beach Report New Wells Being Brought Online, New Wells Planned, Production Targets, Budget for Western Flank and Life of Assets\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 VANCOUVER, BC,\n \n Feb. 17, 2021\n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to provide additional Guidance as provided by Beach Energy Ltd (\"Beach\") for future production targets, expenditures and Life of Assets on the Western Flank of the Cooper Basin,\n \n Australia\n \n . (Note: Western Flank includes the Company's GOR licences ex-PEL's 91, 106, 107 and PRL 26, as well as ex-PEL's 92, 104 and 111, over which the Company does not have a GOR).\n \n \n \n \n \n \n \n \n \n Slightly lower oil production from the Western Flank was reported in a Company News Release dated\n \n January 28\n \n \n th\n \n , 2021. The Company anticipates that this will be offset by higher oil prices in the current quarter.\n \n \n In a News Release dated\n \n January 28\n \n \n th\n \n , 2021, the Company made reference to Beach's FY21 Second Quarter Activities Report (the \"Report\") for the period ended 31\n \n st\n \n December, 2020. Highlights of the Report were:\n \n \n \n A total of eight new wells were brought online during that quarter, with seven horizontal producers and one vertical producer.\n \n \n \n \n Beach reported that four vertical oil producers were to be brought online in their Q3 FY21.\n \n \n \n \n Beach reported that a further four horizontal wells were also to be brought online in their Q3 FY21.\n \n \n \n In their Half Year Results reported on\n \n February 15\n \n \n th\n \n , 2021, and in their Management Call, Beach provided further guidance relevant to the Company's GOR Licences. Highlights are:\n \n \n \n \n Beach report that well interference from McKinlay drilling on the existing\n \n Namur\n \n and McKinlay producers has resulted in faster than estimated decline rates. Beach have not made any adjustments to reserves as a result of this.\n \n \n \n \n...