Pennington Drill Results
Newport royalty payee releases Pennington drill results
2017-05-03 13:31 ET - News Release
Mr. Ian Rozier reports
PENNINGTON-6 ON EX PEL 91 INTERSECTS 8.4 METERS OF NET PAY
Newport Exploration Ltd. has provided an update on exploration activities on ex PEL 91 in the Cooper basin, Australia, on which the company has a 2.5-per-cent gross overriding royalty. This information was reported by Beach Energy Ltd ("Beach") in a news release dated May 3rd, 2017, and reference should be made to Beach's news release and their website for their interpretation of results and plans to bring wells into production.
As reported in a news release by the Company on April 5th, 2017, Beach had previously reported that a two-well oil development campaign had commenced in the Pennington Field, located approximately 10 kilometres east of the Bauer Field in ex PEL 91. The two wells were targeting the Namur Sandstone as a primary objective and the McKinlay Member and Mid Namur Sandstone as secondary objectives.
Results from the Pennington-5 Well were reported by the Company on April 5th, 2017. The well intersected net oil pay of 2.2 metres in the Namur Sandstone and 1.8 metres in the McKinlay Member, and also encountered oil shows in the Birkhead Formation.
In its News release dated May 3rd, 2017, Beach reported that the two-well oil development campaign in the Pennington Field has been completed and that reservoir simulation modelling has identified the potential for improved field commerciality through in-fill drilling to accelerate production. Pennington-6, the second well of the campaign, intersected 4.0 metres of net oil pay in the Namur Sandstone, 3.6 metres of net oil pay in the overlying McKinlay Member, and 0.8 metres of net oil pay in the mid Namur Sandstone.
The Company is unable to report on the potential productivity for each well and continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Santos Ltd to keep current during exploration, development and production of all the licences subject to the Company's gross overriding royalty.
We seek Safe Harbor.