Business
OIL PRODUCTION RATES BEAT EXPECTATIONS - CONTINUED MAINTENANCE WORK & DELAYS - SUCCESSFUL DRILLING ON EX PEL 91
OIL PRODUCTION RATES BEAT EXPECTATIONS - CONTINUED MAINTENANCE WORK & DELAYS - SUCCES...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n OIL PRODUCTION RATES BEAT EXPECTATIONS - CONTINUED MAINTENANCE WORK & DELAYS - SUCCESSFUL DRILLING ON 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 OIL PRODUCTION RATES BEAT EXPECTATIONS - CONTINUED MAINTENANCE WORK & DELAYS - SUCCESSFUL DRILLING ON EX PEL 91\n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n July 21, 2022\n \n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") provides an update for 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 FY22 Fourth Quarter Activities Report dated\n \n 20 July 2022\n \n .\n \n \n \n \n \n \n \n \n \n \n \n Production & Delays\n \n \n \n \n Highlights of the fourth quarter production from the Western Flank in the Beach report are as follows:\n \n \n Due to an 11-day shutdown of the Middleton Gas Plant (due to maintenance) and natural field decline, Western Flank gas and gas liquids production was 315 kboe, down 26% from the prior quarter.\n \n \n Production from the Western Flank was 1.1 MMboe, down 12% on the prior quarter (Note: Western Flank includes the Company's GOR licences ex PEL's 91, 106, 107 and PRL 26, as well as licences ex PEL's 92, 104 and 111, over which the Company does not have a GOR).\n \n \n Western Flank oil production was 750 kbbl, down 4% on the prior quarter.  The increased inventory of well connections and workover activities caused by rain delays in Beach's Q3 FY22 was partially addressed.  The workover rig is now operating on a 24/7 schedule (previously a 12-hour schedule in Q3 FY22) however, unplanned maintenance and planned abandonment activities were required which saw a delay in some well connections and other activities.   In Beach's FY22, a decline in the daily oil production rate of 32% was recorded, compared with original guidance of a 35-45% decline.\n \n \n The Company will update shareholders as soon as it is in receipt of any spe...