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WESTERN FLANK OIL PRODUCTION UP 21%, EIGHT WELLS BROUGHT ONLINE, SUCCESSFUL DRILLING ON EX PEL 91
WESTERN FLANK OIL PRODUCTION UP 21%, EIGHT WELLS BROUGHT ONLINE, SUCCESSFUL DRILLING ON EX PEL 91...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n WESTERN FLANK OIL PRODUCTION UP 21%, EIGHT WELLS BROUGHT ONLINE, 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 \n Trading Symbol:\n \n NWX\n \n (\n \n TSX-V\n \n )\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n July 27, 2023\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 FY23 Fourth Quarter Activities Report dated\n \n 26 July 2023\n \n .\n \n \n \n \n \n \n \n \n \n \n \n Production\n \n \n \n \n Highlights of the fourth quarter production from the Western Flank as reported by Beach are as follows:\n \n \n Production from the Western Flank was 1.0 MMboe, up 14% on the prior quarter (\n \n Note\n \n : 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 of 779 kbbl was 21% above the prior quarter due to the connection of seven new horizontal wells and one new vertical well, with average initial production rates in line with pre-drill estimates. One horizontal well was connected immediately following quarter-end and two further horizontal wells are awaiting connection.\n \n \n Gas and gas liquids production of 233 kboe was 3% below the prior quarter.\n \n \n The Company will update shareholders as soon as it is in receipt of any specific production forecasts for the GOR licences.\n \n \n \n \n Realized Gas & Oil Prices\n \n \n \n \n The average realized price of oil was AUD$124/bbl, an 8% decrease over the prior quarter.\n \n \n The average realized gas price was AUD$9.5 per GJ, a 7% increase over the prior quarter.\n \n \n Beach report their average realized price across all products was AUD$79.4/boe, a 3% increase over the prior quarter.\n \n \n \n \n Q4 FY23 Drilling A...