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Newport Reports Production Increase of 19%. Continued Drilling Success on ex-PEL 91. Guidance Update.
Newport Reports Production Increase of 19%. Continued Drilling Success on ex-PEL 91. Guida...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n\n\n\nNewport Reports Production Increase of 19%. Continued Drilling Success on ex-PEL 91. Guidance Update.\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, April 22, 2020\n\n\n\nTrading Symbol: NWX (TSX-V)\n VANCOUVER, April 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 Third Quarter Activities Report dated 22nd April, 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 Third 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.\nPRODUCTION\nBeach report Western Flank quarterly production was 2.6 MMboe, 10% higher than the prior quarter driven by strong oil production. \nBeach report gross overage daily oil production from the Western Flank was 25kbbl, up 14% 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).\nDespite the unprecedented global oil environment as a result of COVID-19 and the dramatic oil price volatility, Beach report that oil production from ex-PEL 91 increased 19% to 1,849 kboe.  Ex-PEL 91 made a major contribution to the best ever quarter for Beach operated oil production.\nA total of 8 new oil wells were brought online in the quarter, comprising six horizontal producers and two vertical producers.\nSeven artificial lift projects were completed in the quarter which included an ESP (Electrical Submersible Pump) installation at ba...