Newport Exploration (NWX-V) Apr 24, '18 has provided an update on drilling activities and production on ex PEL 91 and ex PEL 106 in the Cooper basin of Australia, properties over which the company has a 2.5-per-cent gross overriding royalty. This information was reported by Beach Energy Ltd. in a quarterly report dated April 24, 2018, and reference should be made to Beach's website for its interpretation of the results and any plans to bring wells into production.
Drilling
Beach previously reported that the drilling component of the Stunsail field development project was successfully completed. The campaign comprised an initial two-well vertical phase later followed by a two-well horizontal phase. The Stunsail-6 horizontal well was the first Birkhead formation horizontal development well on the western flank, and drilled a 585-metre lateral section and encountered 203 metres of net oil pay, as reported in a news release from the company dated March 7, 2018. The Stunsail-7 horizontal well targeted the McKinlay member and drilled a 528-metre lateral section and encountered 509 metres of net oil pay, as reported in a news release by the company dated April 4, 2018.
Stunsail-6 and -7 will be monitored to confirm their anticipated return potential. These successes have led to the identification of further horizontal well locations to be drilled in Beach's fiscal 2019.
Production
Beach reported a 22-per-cent increase in oil production from ex PEL 91. This increase reflected production uplift from the recently completed artificial lift campaign (four artificial lift installations completed during Beach's second quarter and three completed in Q3 of its fiscal 2018), the results of debottlenecking work in the field, and a full quarter's contribution from Stanleys-1 which was brought on-line in December, 2017.
The increase in production from ex PEL 91 was complemented by a 6-per-cent increase in production from ex PEL 106 for the quarter.
Guidance
The company receives its gross overriding royalty from the operator, which is not a reporting issuer in Canada and therefore is not required to comply with the requirements of National Instrument 51-101 -- Standards of Disclosure for Oil and Gas Activities, hence Newport is not able to confirm if the disclosure satisfies the requirements of NI 51-101 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. to keep current during exploration, development and production guidance of all the licences subject to the company's gross overriding royalty.
For further information contact:
Ian Rozier, Director and Chief Executive Officer
1 604 685 6851
info@newport-exploration.com
www.newport-exploration.com |
