BEACH REPORT ANNUAL PRODUCTION RESULTS, UPDATED RESERVES AND DRILLING ACTIVITIES. 100% SUCCESS RATE (INCLUDING BAUER 70) WITH PLANS TO EXTEND PLAY HORIZONS AND UNLOCK SCALE ON EX PEL 91.
BEACH REPORT ANNUAL PRODUCTION RESULTS, UPDATED RESERVES AND DRILLING ACTIVITIES. 100% SUCCESS RATE (INCLUDING BAUER 70) WITH PLANS TO EXTEND PLAY HORIZONS AND UNLOCK SCALE ON EX PEL 91. |
| [07-August-2026] |
Trading Symbol: NWX (TSX-V) VANCOUVER, BC, Aug. 7, 2026 /CNW/ -- Newport Exploration Ltd ("Newport" or "the Company") provides an update for licences in the Cooper Basin, Australia, over which the Company has a 2.5% gross overriding royalty ("GOR"). This information was reported by Beach Energy Ltd ("Beach") (ASX: BPT) in its 2026 Annual Report and FY26 Results Presentation, both dated 5th August 2026. Beach reports on the Western Flank, which include 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 reports total Western Flank production for the year was down 35% from the prior year. Production was impacted by major Cooper Basin flooding in 2025, as well as heavy rains in Beach's Q1 FY26 and natural field decline, partly offset by new well connections. Reserves Beach reports Western Flank reserves and contingent resources effective as of 30th June, 2026. Of the oil reserves reported, 45% of its 1P and 38% of its 2P Western Flank reserves relate to the Company's GOR licences. Of the gas reserves reported, 100% of its 1P and 2P Western Flank reserves relate to the Company's GOR licences. Full details of Beach's reported Reserves across all their holdings and operations can be found in Beach's Annual Report dated 5th August 2026. Drilling Activities Beach's 12-well oil appraisal and development campaign commenced during FY26, achieving a 100% success rate from nine wells drilled, including the quad-lateral Bauer 70 well. Beach report, the Stunsail West 1 well encountered oil in the primary Namur and secondary McKinlay and Birkhead reservoirs. An oil-water contact in the Namur reservoir was consistent with the Stunsail field approximately one kilometer to the west, suggesting a continuous oil accumulation between the fields. Follow-up appraisal activity is being assessed to derisk a greater Stunsail development campaign. Kangaroo 5, Kangaroo 6 and Spitfire 14 targeted the Birkhead reservoir and Callawonga 24 Callawonga 25, Callawonga 26 and Stunsail 7 DW1 targeted the McKinlay reservoir. The Bauer 70 quad-lateral well targeted the McKinlay reservoir. The wells were cased and suspended as future producers. In their Q2 FY27, Beach plans to complete the remaining three wells of the appraisal and development campaign, followed by an eight-well exploration campaign focused on play expansion and field life extension. "The continued drilling success rate is very impressive, and we note that Beach intend to complete oil appraisal wells and connect remaining wells," stated Ian Rozier, President and CEO of Newport. "The completion of the exploration campaign to refresh inventory and to extend play horizons to unlock scale includes the Kalladeina 17, Kalladeina 18 and the Bauer 78 wells that are all on ex PEL 91, a licence that is subject to Newport's GOR," stated Ian Rozier, President and CEO of Newport. About Newport Newport has a 2.5% 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. Readers are cautioned that Beach discloses reserves and production results in compliance with Australian public disclosure rules which may not be equivalent to disclosure obligations under NI 51-101 - Standards of Disclosure for Oil and Gas Activities and the COGE Handbook, or other requirements of Canadian securities legislation. The Company currently has 105,579,874 common shares issued and outstanding and approximately $2.7 million in the Treasury (comprised of cash, cash equivalents and short-term investments), and no debt. info@newport-exploration.com Cautionary Statement on Forward-Looking Information This news release is intended to provide readers with a reasonable basis for assessing the future performance of the Company. The words "believe", "should", "could", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. Forward-looking statements may pertain to assumptions regarding the price of oil and fluctuations in currency markets (specifically the Australian dollar) and future dividend payments. Forward-looking statements are based upon a number of estimates and assumptions that, which are considered reasonable by the Company, are inherently subject to business, economic and competitive uncertainties and contingencies. Factors include, but are not limited to, the risk of fluctuations in the assumed prices of oil, the risk of changes in government legislation including the risk of obtaining necessary licences and permits, taxation, controls, regulations and political or economic developments in Canada, Australia or other countries in which the Company carries or may carry on business in the future, risks associated with developmental activities, the speculative nature of exploration and development, and assumed quantities or grades of reserves. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws. © 2026 Newport Exploration Ltd. SOURCE Newport Exploration Ltd. | ||
Company Codes: TorontoVE:NWX,Australia:BPT |
