Another reminder that royalty ca$h flow will likely grow...NEWS RELEASE
Trading Symbol: NWX (TSX-V) HANSON-3 WELL ON EX-PEL 91 INTERSECTS TWO ZONES WITH NET PAY OF 6.5METRE AND IS CASED AND SUSPENDED AS A FUTURE PRODUCER FROM NAMUR AND McKINLAY.
Vancouver, British Columbia, April 6th, 2016. Newport Exploration Ltd (“Newport” or “the Company”) is pleased to report on the success of the
Hanson-3 well on PPL 255 (ex-PEL 91) as reported by Beach Energy Ltd (“Beach”) on April 6th, 2016. PPL 255 (Beach 100%) is located in the Cooper Basin, Australia and is subject to the Company’s 2.5% gross overriding royalty. Hanson-3 is located in the central area of the Hanson Field in PPL 255 and was drilled to develop oil bearing reservoirs within the McKinlay Member and Namur Sandstone. Beach reported that Hanson-3 intersected a 3.7 metre net oil column in the Namur Sandstone and a 2.8 metre gross oil bearing interval in the overlaying McKinlay Member. Hanson-3 has been cased and suspended as a future McKinley/Namur oil producer. The well also tested potential for reservoir development within the Birkhead Formation as a secondary target. Results were consistent with current mapping and potential for further development drilling in the field exists.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Santos Ltd in order to keep current during the exploration and development of all the licenses subject to the Company’s gross overriding royalty.
For further information contact: Ian Rozier, Director and Chief Executive Officer +1 604 685 6851 info@newportexploration.com www.newport-exploration.com www.beachenergy.com.au www.santos.com