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PRODUCTION RATES CONTINUE TO BEAT EXPECTATIONS. INCREASE IN REALIZED OIL AND GAS PRICES. SUCCESSFUL DRILLING ON EX PEL 91.
PRODUCTION RATES CONTINUE TO BEAT EXPECTATIONS. INCREASE IN REALIZED OIL AND GAS PRICES. ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n PRODUCTION RATES CONTINUE TO BEAT EXPECTATIONS. INCREASE IN REALIZED OIL AND GAS PRICES. 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 \n Canada NewsWire\n \n \n \n \n Trading Symbol: NWX (TSX-V)\n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n April 27, 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 Third Quarter Activities Report dated\n \n 26 April 2022\n \n .\n \n \n \n \n \n \n \n \n \n \n \n Production\n \n \n \n \n Highlights of the third quarter production from the Western Flank in the Beach report are as follows:\n \n \n Production from the Western Flank was 1.2 MMboe, down 7% on the prior quarter, with lower oil and condensate production, offset by an increase in gas and LPG 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 Production and activities were impacted in late January due to heavy rain across the Cooper Basin.  Drilling and workover rigs were demobilized and development activities ceased during February.  Full operations have since recommenced with the workover rig's schedule increased to recoup lost time.\n \n \n Western Flank oil production was 782 kbbl, down 12% on the prior quarter due to natural field decline and deferment of workover opportunities and well connections caused by rain delays in February. Beach state production is expected to increase in its Q4 FY22 as workover activities are accelerated and new development wells are progressively brought online.\n \n \n Western Flank gas and gas liquids production was 427 kboe, up 3% on the prior quarter, primarily due to Beach's Q2 FY22 planned maintenance work at the\n \n Middleton\n \n gas processing facility, follo...