19:04:58 EDT Thu 28 Mar 2024
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or Name
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Newport Exploration Ltd
Symbol NWX
Shares Issued 79,279,874
Close 2015-03-31 C$ 0.40
Market Cap C$ 31,711,950
Recent Sedar Documents

Newport operator intersects 6.8 m oil pay in Bauer-23

2015-04-01 13:32 ET - News Release

Mr. Ian Rozier reports

BAUER FIELD SECOND PAD DRILLING RESULTS EXPECTED TO ADD TO 2P RESERVES AND SUPPORT CURRENT PRODUCTION LEVELS

Newport Exploration Ltd. is providing an update on recent drill results from PRL 151 to PRL 172 (formerly PEL 91) in the Cooper basin in Australia, which are subject to the company's 2.5-per-cent gross-overriding royalty.

In a news release dated April 1, 2015, Beach Energy Ltd. reported the results from the second four-well pad drilling campaign (Bauer-20 to -23) that was completed in the Bauer field targeting the highly productive Namur sandstone reservoir and the overlaying McKinlay member. The Bauer-20 to -23 pad wells were drilled approximately 10 metres apart at surface, with directional drilling commencing from depths of approximately 700 metres to reach target zones. Results from the program were in line with Beach's predrill expectations, with Bauer-23 producing an upside result after intersecting a 6.8-metre Namur sandstone oil column. Beach's preliminary assessment of well results is summarized in the table

                                     DRILL RESULTS

Well   High/(low) to prognosis   Namur sandstone oil pay   McKinlay member interval
                            (m)                  (net; m)                 (gross; m)

Bauer-20                  (2.0)                      2.8                        4.2
Bauer-21                   0.3                       5.5                        4.2
Bauer-22                   0.9                       5.3                        4.6
Bauer-23                   3.1                       6.8                        4.0

Beach reports that when combined with the results from the first pad drilling program (Bauer-16 to -19), the second pad wells are expected to add 2P reserves and support current production levels.

The Longbottoms-1 exploration well in PRL 171 (centrally located between the Stunsail and Kalledeina oil fields) encountered approximately one metre of net pay in the Namur sandstone, and was plugged and abandoned due to the result being subcommercial.

The company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Drillsearch Energy Ltd. in order to keep current during an active period in the exploration and development of these licences.

We seek Safe Harbor.

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