Post by
frankman on Jan 29, 2020 1:39pm
News Newport Reports that Production Growth Continues with 1
Newport Reports that Production Growth Continues with 16% Increase in Quarterly Oil Production from ex PEL 91
TWO LOWRY WELLS CONNECTED.
100% SUCCESS RATE FROM DRILLING IN EX PEL 91.
ARNO-3 WELL SUCCESSFUL.
Trading Symbol: NWX (TSX-V)
VANCOUVER, Jan. 29, 2020 /CNW/ - Newport Exploration Ltd ("Newport" or "the Company") is pleased to provide an update on production and drilling activities on licenses in the Cooper Basin, Australia 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 FY2020 Second Quarter Activities Report dated 29th January, 2020.
Production
Beach report that their quarterly oil production from ex PEL 91 increased 16%, with ex PEL 91 reporting production of 1,556kboe, up from 1,337kboe in Q1.
Beach's Western Flank gas liquids production from ex PEL's 91/106 was 545kboe, 6% higher than the prior quarter as two high-liquids content Lowry wells were connected and facility reliability was maintained at greater than 99%.
Field work continues to support higher liquids production rates.
Drilling
Highlights of Beach's drilling program include a 100% success rate from nine oil development wells across the Bauer, Kalladeina and Chiton fields in ex PEL 91. The wells comprised three vertical and six horizontal wells, including a horizontal well with the longest lateral length drilled by Beach in the Western Flank to date at 1,629 metres. At quarter-end, one horizontal well was drilling ahead.
At the Bauer Field in ex PEL 91, the Bauer Northwest-2 and -3 appraisal wells were cased and suspended as future producers. The results from these wells indicate a northerly extension of the Bauer Field. Utilizing production data from the wells, the potential for future appraisal and development drilling will be evaluated.
At the Arno Field in ex PEL 91, the Arno appraisal drilling campaign was completed with the Arno-3 well also being cased and suspended as a future producer.
Oil Price
Beach report that the average realized price of oil for the Quarter increased 3% to AUD$105.9/bbl.
Guidance
The Company receives its gross overriding royalty from Beach, which is not a reporting issuer in Canada, thereforeNewport is not able to confirm if the disclosure satisfies the requirements of NI 51-101 - Standards of Disclosure for Oil and Gas Activities, or other requirements of Canadian securities legislation.
The Company is unable to forecast potential productivity for each well and continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Santos Ltd.
https://www.newswire.ca/news-releases/newport-reports-that-production-growth-continues-with-16-increase-in-quarterly-oil-production-from-ex-pel-91-818414762.html