Mr. Ian Rozier reports

BEACH ENERGY'S Q2 ACTIVITIES REPORT

Newport Exploration Ltd. has provided an update for licences in the Cooper basin in 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 fiscal 2024 second quarter activities report dated Jan. 25, 2024.

Production

Highlights of the second quarter production from the Western Flank as reported by Beach are as follows.

Production from the Western Flank was 900,000 barrels of oil equivalent, 12 per cent below the prior quarter (note: Western Flank includes the company's GOR licences ex PELs 91, 106 and 107 and PRL 26 as well as licences ex PELs 92, 104 and 111, over which the company does not have a GOR).

Western Flank oil production of 654,000 barrels was 12 per cent below the prior quarter due to natural field decline.

Gas and gas liquids production of 236,000 barrels of oil equivalent was 12 per cent below the prior quarter.

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

Realized oil and gas prices

The average realized price of oil was $144 (Australian) per barrel, a 3-per-cent increase over the prior quarter.

The average realized price of gas was $8.90 (Australian) per gigajoule -- no change from the prior quarter.

Beach reported its average realized price across all products was $89 (Australian) per barrel of oil equivalent, an 11-per-cent increase over the prior quarter.

Fiscal Q2 2024 drilling activities

Beach continued its fiscal 2024 oil exploration and appraisal campaign with seven oil exploration wells and two oil appraisal wells drilled. Of the wells drilled, one oil exploration well and one oil appraisal well were drilled on the company's GOR licences; both were plugged and abandoned.

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 legislation.

Newport has no control over operating decisions made by Beach and is not privy to exploration or production data derived by Beach during operations. Accordingly, this prevents the company from commenting on operating plans going forward.

As always, the company recommends that shareholders and potential investors access material information relevant to the company as released independently by Beach and Santos Ltd. in order to keep current during exploration, development and production of all the licences subject to the company's GOR.

The company currently has 105,579,874 common shares issued and outstanding and approximately $1.5-million in the treasury (comprising cash, cash equivalents and short-term investments) and no debt.

Details of the next GOR payment will be reported at the end of February or early March, 2024.

We seek Safe Harbor.