Mr. Ian Rozier reports

BEACH REPORT ANNUAL PRODUCTION RESULTS, UPDATED RESERVES, AND PROPOSED FY24 ACTIVITIES

Newport Exploration Ltd. has provided an update on operations and reserves for licences in the Cooper basin, Australia, over which the company has a 2.5-per-cent gross overriding royalty (GOR). This information was reported by Beach Energy Ltd. in its 2023 annual report and fiscal year 2023 results presentation, both dated Aug. 14, 2023.

Beach reports on the Western Flank, which includes ex PEL's 91, 106 and 107, and PRL 26 which are subject to the company's GOR, as well as licences ex PEL's 92, 104 and 111, over which the company does not have a GOR.

Production

Beach report total Western Flank production for the year was 3.8 MMboe (million barrels of oil equivalent), a decrease of 27 per cent from the prior year.

The decrease in oil production was primarily attributable to flooding in the Cooper Creek, weather related downtime and challenges arising from changes to the drill schedule due to rain delays. Beach report there was an uptick in oil production toward the end of its year.

Lower gas and associated liquids production was due to natural field decline.

The company will update shareholders as soon as it is in receipt of any specific production forecasts for the GOR licences.

Reserves

Beach report Western Flank reserves and contingent resources as at June 30, 2023. Categories presented for reserves are 1P reserves (proved) and 2P reserves (proved and probable). Reported reserves have been independently audited by RISC Advisory in accordance with the definitions and guidelines contained within the Petroleum Resources Management System (PRMS) as set out in SPE Reserves Auditing Standards in Australia.

Beach report the following Western Flank 1P reserves at June 30, 2023:

• Oil -- 6.2 MMboe (26 per cent is attributable to the company's GOR licences);
• Gas -- 1.7 MMboe (53 per cent is attributable to the company's GOR licences).

Beach report the following Western Flank 2P reserves at June 30, 2023:

• Oil -- 16.1 MMboe (39 per cent is attributable to the company's GOR licences);
• Gas -- 2.4 MMboe (63 per cent is attributable to the company's GOR licences).

Fiscal year 2024 focus

Beach's focus for fiscal year 2024 in the Western Flank is as follows:

• Drilling campaign with a greater focus on oil exploration and appraisal;
• Single-rig drilling campaign and workover rig activities;
• Targeting 20 to 30 wells per year;
• Continuing production optimization.

Beach look to build inventory for future activity.

About Newport Exploration Ltd.

The company receives its GOR from Beach, which is not a reporting issuer in Canada. Therefore Newport is not able to confirm if disclosure satisfies the requirements of Canadian Securities Exchange legislation.

We seek Safe Harbor.