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Newport Reports on Beach's Second Quarter 2021 Production; Continued Drilling Success on Bauer Field in ex-PEL 91; Eight New Wells to Come Online
Newport Reports on Beach's Second Quarter 2021 Production; Continued Drilling Success on ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n Newport Reports on Beach's Second Quarter 2021 Production; Continued Drilling Success on Bauer Field in ex-PEL 91; Eight New Wells to Come Online\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 \n VANCOUVER, BC\n \n ,\n \n Jan. 28, 2021\n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to provide an update on production and drilling activities on licences 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 FY21 Second Quarter Activities Report for the period ended 31\n \n st\n \n December, 2020 (\"Beach Quarter Report\").\n \n \n \n \n \n \n \n \n \n \n \n PRODUCTION\n \n \n \n \n Highlights of the second quarter production from the Cooper Basin and Western Flank reported by Beach were:\n \n \n Production from the Western Flank was 2.3MMboe, down 4% on the prior quarter, with higher gas and gas liquids offsetting lower oil 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).\n \n \n Western Flank gas and gas liquids was 586 kboe, up 15% on the previous quarter.\n \n \n Gross average daily oil production from ex-PEL 91 was 16.9kbbl/day, down 10% on the previous quarter.\n \n \n Beach report their average realized price across all products was AUD$53.4/boe, a 3% increase over the prior quarter.\n \n \n The average realized price of oil was AUD$65.3/bbl, up 1% on the previous quarter.\n \n \n A total of eight new wells were brought online during the quarter, with seven horizontal producers and one vertical producer.\n \n \n Four vertical oil producers will be brought online in Beach's Q3 FY21.\n \n \n A further four horizontal wells will also be brought online in Beach's Q3 FY21.\n \n \n Ex-PEL 91 continues to make a major contribution to Beach's operated oil product...