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Newport Reports on Beach's First Quarter 2020 Production; 100% Drilling Success on Bauer Field in ex-PEL 91
Newport Reports on Beach's First Quarter 2020 Production; 100% Drilling Success on Bauer ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n\n \n \n \n Newport Reports on Beach's First Quarter 2020 Production; 100% Drilling Success on Bauer Field in 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 VANCOUVER, BC, Oct. 26, 2020\n \n \n \n \n Trading Symbol: NWX (TSX-V)\n \n \n VANCOUVER, BC,\n \n Oct. 26, 2020\n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to provide an update on production and drilling activities on licenses 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, Quarter Report for the period ended 30\n \n th\n \n September, 2020 (\"Beach Quarter Report\").\n \n \n \n \n \n \n \n \n \n In light of the recent turmoil in global oil markets as a result of a drastic decline in demand caused by the effects of COVID-19, the Company strongly advises shareholders to access the Beach Quarter Report and previous Company News Releases that demonstrate the position of Beach (the operator of the GOR licences) going forward, which is in drastic contrast to many oil producers with higher operating costs and punishing debt loads.\n \n \n \n \n PRODUCTION\n \n \n \n \n \n Highlights of the first quarter production from the Cooper Basin and Western Flank reported by Beach were;\n \n \n Beach report production from the Western Flank was 2.4MMboe, down 6% on 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).\n \n \n Gross average daily oil production from ex-PEL 91 was 18.8kbbl/day.\n \n \n Beach report average realized price across all products was AUD$51.8/boe, a 16% increase over the prior quarter.\n \n \n The average realized price of oil was up 38% to AUD$64.6/bbl.\n \n \n A total of 9 new wells were brought on-line with 8 horizontal and 1 vertical producers.\n \n \n At quarter-end Beach has 6 oil wells cased and completed (4 horizontal an...