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Increase in Realized Oil Price. Higher than Anticipated Production Rates. Two Gas Discoveries. Three Horizontal Wells Planned for ex PEL 91
Increase in Realized Oil Price. Higher than Anticipated Production Rates. Two Gas Discove...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n Increase in Realized Oil Price. Higher than Anticipated Production Rates. Two Gas Discoveries. Three Horizontal Wells Planned for ex PEL 91\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 Oct. 21, 2021\n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") provides an update on guidance for licences in the Cooper Basin,\n \n Australia\n \n , over which the Company has a 2.5% gross overriding royalty (\"GOR\").  This guidance was reported by Beach Energy Ltd (\"Beach\") (ASX: BPT) in its FY22 First Quarter Activities Report dated\n \n 20 October 2021\n \n .\n \n \n \n \n \n \n \n \n \n \n \n Realized Oil & Gas Prices\n \n \n \n \n The average realized price of oil was AUD$110.3/bbl, up 11% on the previous quarter.  This realized oil price is for Beach's quarter ended\n \n September 30\n \n \n th\n \n , 2021.\n \n Newport's\n \n first quarter ends\n \n October 31\n \n \n st\n \n , 2021 and therefore, based on the continued increase in oil prices through October, as well as the premium paid to Beach for Brent oil produced from the Western Flank, the Company anticipates a higher realized oil price for its first quarter GOR payment.\n \n \n The realized gas price decreased 2% to AUD$7.5 per GJ, a 5% increase on the prior corresponding period.\n \n \n Beach report their average realized price across all products was AUD$67.3/boe, a 3% increase over the prior quarter.\n \n \n \n \n Production\n \n \n \n \n Highlights of the first quarter production from the Western Flank in the Beach report are as follows.\n \n \n Production from the Western Flank was 1.6 MMboe, down 10% on the prior quarter, with lower volumes offset by higher gas and associated liquids production. (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).  Western Flank oil production was 1.0 MMboe, down 18% on the prior quarter due ...