Mr. Ian Rozier reports

BEACH REPORT FIRST HALF FY26 RESULTS, DRILLING PROGRAM UNDERWAY WITH 100% SUCCESS RATE

Newport Exploration Ltd. has provided an update for licences in the Cooper basin, Australia, over which the company has a 2.5-per-cent gross overriding royalty. This information was reported by Beach Energy Ltd. in its fiscal 2026 half-year results presentation, fiscal 2026 half-year results and interim report for the half-year ended Dec. 31, 2025, all dated Feb. 5, 2026.

The company receives its GOR from Beach, which is not a reporting issuer in Canada; therefore, Newport is not able to confirm if the disclosure satisfies the requirements of National Instrument 51-101 (Standards of Disclosure for Oil and Gas Activities) and the Canadian oil and gas evaluation handbook or other requirements of Canadian securities legislation.

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

Production

Beach's first half fiscal 2026 production from the Western Flank was 800,000 barrels of oil equivalent, 41 per cent below the prior corresponding period. Western Flank oil production was 500,000 barrels, 45 per cent below the prior corresponding period. The decrease in production was mainly due to flooding in the Cooper basin and natural field decline.

Drilling activities

As reported in the company's news release dated Jan. 21, 2026, Beach commenced a 12-well oil appraisal and development drilling campaign with three oil development wells drilled during the first half of Beach's fiscal 2026. All three wells were cased and completed with connection in third quarter fiscal 2026 targeted. This will be followed by a 10-well oil exploration campaign, which will commence in late fiscal 2026 and continue into fiscal 2027.

"Restoration of road access enabled us to commence a 12-well oil appraisal and development campaign in the Western Flank, the first campaign in the flank in more than 2-1/2 years. The team achieved early success with the first three wells drilled in the Callawonga field, and our 100-per-cent success rate has continued following the end of the half. One well has been brought on-line and is now producing, with the remaining wells to be drilled and connected in H2 fiscal 2026. This will be followed by a 10-well oil exploration campaign, which has the potential to unlock new reserves and further drilling opportunities in the basin," per Brett Woods, managing director and chief executive officer of Beach.

"Newport is pleased that the first drilling campaign in more than 2-1/2 years is under way and congratulates Beach on its 100-per-cent success rate on the first six wells drilled to date," stated Ian Rozier, president and chief executive officer of Newport.

About Newport Exploration Ltd.

Newport has a 2.5-per-cent GOR over licences in the Cooper basin, Australia, operated by Beach. There is no time limit or expiry date on the GOR assets and no cost to the company to retain them.

Newport has no control over operating decisions made by Beach. Accordingly, this prevents the company from commenting on Beach's operating plans going forward. The company recommends that shareholders and potential investors access material information relevant to the company as released independently by Beach and Santos Ltd. to keep current during exploration, development and potential 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 $2.9-million in the treasury (composed of cash, cash equivalents and short-term investments) and no debt.

We seek Safe Harbor.