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

To: Goose94 who wrote (36306)	11/1/2017 5:05:39 PM
From: Goose94	Read Replies (1) \| Respond to of 203028

Newport Exploration (NWX-V) Nov 1st 2017 has provided an update on exploration activities on PRL 26 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 in a news release dated November 1st, 2017, and reference should be made to their website for their interpretation of the results and any plans to bring wells into production. Western Flank Gas - PRL 26 (Udacha Block); ex PEL 106 Beach continued its FY2018 operated gas exploration and appraisal campaign, which is focused on the Southwest Patchawarra (SWP) and Permian Edge (PE) play fairways. The second exploration well of the campaign, Lowry-1, is located in the SWP play fairway approximately four kilometres northwest of the Middleton gas facility. The well targeted stratigraphically trapped, liquids-rich, gas in the sands of the Patchawarra Formation. Lowry-1 intersected 3.3 metres of net pay and was cased and suspended as a future producer. A two hour drill stem test was conducted over the interval 2,586 - 2,593 metres. The well flowed at 9.4 MMscfd on a 48/64" choke at 955 psi flowing pressure. Approximately 34 bbl of condensate was recovered at a rate of approximately 400 bopd. Analysis of test results confirms Lowry-1 as a new discovery which is not connected to nearby producing fields. The discovery has provided further validation for the approved expansion of the Middleton gas facility from 25 MMscfd to 40 MMscfd. The third exploration well of the campaign, Crawford-1, is located approximately two kilometres northwest of the Middleton gas facility and proximal to the Brownlow, Middleton and Udacha fields. Crawford-1 tested stratigraphic traps within the gas and condensate system of the SWP play fairway and targeted Mid-Patchawarra Formation intervals. Crawford-1 intersected 4.1 metres of net gas pay in the target interval and was cased and suspended as a future producer. Reservoir pressure information indicated good permeability and connection to the Brownlow Field, which is expected to enable incremental reserves to be booked and produced. The Company receives a gross overriding royalty from Beach who, is not a reporting issuer in Canada and therefore, Newport 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. Data provided by Beach should be considered preliminary and, results are not indicative of long-term performance or of ultimate recovery. 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