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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (6585)	8/2/2017 2:38:14 PM
From: Goose94	Read Replies (1) \| Respond to of 203023

Newport Exploration (NWX-V) Aug 2nd 2017 has provided an update on drilling activities on ex PEL 91 in the Cooper basin in Australia, on which the company has a 2.5-per-cent gross overriding royalty. This information was reported by Beach Energy Ltd. in a monthly drilling report dated Aug. 1, 2017, and reference should be made to Beach's monthly report and its website for its interpretation of results and plans to bring wells into production. As of Aug. 1, 2017, Beach reports that Bauer-26 was drilled as a horizontal oil development well comprising a lateral section of approximately 400 metres. The well targeted the McKinlay member, a thin sandstone overlaying the Namur sandstone, with accumulations covering areas larger than the Namur fields. The McKinlay member is a proven oil reservoir; however, it has not been subjected to focused development. The formation is considered suitable for geo-steered horizontal drilling, with potential for high daily production rates. Bauer-26, the first Western Flank horizontal well, was landed successfully within the McKinlay member and intersected net oil pay of approximately 350 metres. The well was completed for production and Beach expect it to be on free flow production in the first quarter of fiscal year 2018, with artificial lift scheduled for installation in the second quarter of fiscal year 2018. Well results and other studies currently under way will set the scope and design for development of the McKinlay reservoir in the second half of fiscal year 2018 and fiscal year 2019. Beach also reported that the two-well oil appraisal stepout campaign was completed in the Chiton field, located approximately two kilometres south of the Bauer field, where there has been limited appraisal drilling to date. The second well of the campaign, Chiton-5, was plugged and abandoned due to lack of commercial pay. Both wells were stepout prospects, which helped define field boundaries. Results will assist with design of the final development plan for the Chiton field. The company 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. For further information contact: Ian Rozier, Director and Chief Executive Officer +1 604 685 6851 info@newport-exploration.com www.newport-exploration.com www.beachenergy.com.au www.santos.com