Business
Newport Reports on Beach's Fourth Quarter Production. Continued Drilling Success on Ex-PEL 91.
Newport Reports on Beach's Fourth Quarter Production. Continued Drilling Success on Ex-PEL...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n\n\n\nNewport Reports on Beach's Fourth Quarter Production. Continued Drilling Success on Ex-PEL 91.\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, BC, July 22, 2020\n\n\n\nTrading Symbol: (TSX-V: NWX)\n VANCOUVER, BC, July 22, 2020 /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, 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 ASX Announcement, FY2020 Fourth Quarter Activities Report dated 22nd July, 2020.\n\n \n \n \n \n \n \n\n \nIn 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 Fourth Quarter Activities Report that demonstrates 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. In their Announcement dated July 22nd, 2020, Beach report that they ended FY2020 with $50 million net cash and with access to $500 million in liquidity.\nPRODUCTION\nBeach report Western Flank quarterly production was 2.6 MMboe, unchanged on the prior quarter.\nBeach report gross overage daily oil production from the Western Flank was 23.9kbbl, down 4% 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).\nBeach report that oil production from ex-PEL 91 decreased only 4% to 1,805 kboe. Ex-PEL 91 continues to make a major contribution to Beach's operated oil production.\nAnother 8 new oil wells were brought online in the quarter, comprising six horizontal producers and two vertical producers.\nBeach report that six artificial lift projects were completed in the quarter, with two additional projects completed subsequent to quart...