Newport Exploration Ltd.: Update on Oil and Gas Royalty Interests in Australia
18.02.2014 | vom Unternehmen
Vancouver, BC, February 18th, 2014. Mr. Ian Rozier, President of Newport Exploration Ltd. ("Newport" or the "Company"), is pleased to provide an update on drilling campaigns in PEL 91 in the Cooper Basin, Australia, in which the Company has a 2.5% royalty interest. As disclosed in our news release dated September 2, 2002, and in subsequent news releases and financial statements, the Company has held this royalty since 2002. As the royalty is a non-operating interest, the Company is in no position to estimate future royalty payments, or speculate on potential revenues.
Drillsearch Energy Limited (ASX:DLS "Drillsearch"), the operator of PEL 91, recently announced encouraging results from the first of five wells being drilled in PEL 91, located in the heart of the Western Flank Oil Fairway in the South Australian section of the Cooper Basin.
On the 14th of February 2014, Beach Energy Ltd. (ASX:BPT "Beach") reported that the Bauer field in PEL 91 (Beach 40% and operator Drillsearch 60%) has increased in size following the drilling of the Bauer-12 appraisal well, which will be cased and suspended as a future oil producer. Beach reports production from Bauer field is currently in excess of 13,000 barrels per day (gross) being produced from eight wells, with three more wells yet to come on line.
All royalty payments received by the Company will continue to be reported in our financial statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the contents of this news release.
Information included in this News Release is forward-looking and is subject to uncertainties and risks. The results or events predicted in this News Release may differ materially from actual results or events. Such information is sometimes accompanied by words such as 'project', 'potential', 'estimate', or similar statements. All estimates or statements regarding target size, incremental production and values, have been the created by Beach Energy Ltd and Drillsearch Energy Ltd and are without independent verification. No assurance can be given that actual results, performance, achievements or values expressed in, or implied by, forward-looking statement within this News Release will occur, or if they do, that any benefits may be derived from them.
For further information contact:
Newport Exploration Ltd.
Barbara Dunfield, Director and Chief Financial Officer
604-685-6851
info@newport-exploration.com