Mr. Ian Rozier reports

BEACH REPORT FIRST HALF FY24 RESULTS

Newport Exploration Ltd. has provided information provided by Beach Energy Ltd. regarding assets on the Western Flank of the Cooper basin in Australia, as reported on Feb. 12, 2024, in its fiscal 2024 half-year results.

Production

Beach's first half fiscal 2024 production from the Western Flank was 1.9 million barrels, 3 per cent below the prior corresponding period (first half fiscal 2023: two million barrels) and comprised 1.4 million barrels of oil (plus 5 per cent), two petajoules of sales gas (minus 19 per cent), 10,000 tonnes of liquefied petroleum gas (minus 19 per cent) and 76,000 barrels of condensate (minus 20 per cent). The decrease in production was mainly due to natural field decline, partially offset by new oil well connections (note: Western Flank includes the company's GOR (gross overriding royalty) 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).

Drilling

Beach has completed its fiscal 2024 drilling campaign on the Western Flank. The wells drilled on the company's GOR licences were plugged and abandoned.

Future activities

Beach is assessing the results from the fiscal 2024 drilling campaign and is planning for the fiscal 2025 drilling campaign. Additionally, there is continuing production optimization and performance improvement initiatives.

Australian tax

Newport advises shareholders and potential investors that the company recently received a $408,175 (Australian)($357,896) rebate from the Australian Tax Office.

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 $1.8-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.