Trading Symbol: NWX (TSX-V)

VANCOUVER, BC, Oct. 18, 2024 /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 FY25 First Quarter Activities Report dated 18 October 2024.

Production

Highlights of the first quarter production from the Western Flank as reported by Beach are as follows:

Production from the Western Flank was 680 kboe, 5% below the prior quarter (Note: Western Flank includes the Company's GOR licences ex PEL's 91, 106, 107 and PRL 26, as well as licences ex PEL's 92, 104 and 111, over which the Company does not have a GOR), mainly due to natural field decline.

Western Flank oil production of 491 kbbl was in line with the prior quarter.

Gas and gas liquids production of 189 kboe was 16% 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 Gas & Oil Prices

The average realized price of oil was AUD$127/bbl, an 11% decrease over the prior quarter.

The average realized price of gas was AUD$10.3 per GJ, in line with the prior quarter.

Beach report their average realized price across all products was AUD$77.3/boe, a 3% decrease over the prior quarter.

Q1 FY25 Drilling Activities

No drilling was undertaken during the quarter. Review of results from the FY24 campaign and rework of existing data sets continued as exploration inventory is refreshed for potential exploration and appraisal drilling activity in FY26.

About Newport

Newport has a 2.5% Gross Overriding Royalty ("GOR") over permits in the Cooper Basin, Australia, operated by Beach Energy Ltd ("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 in order to keep current during exploration, development and potential production of all the licences subject to the Company's GOR. 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 NI 51-101 - Standards of Disclosure for Oil and Gas Activities, or other requirements of Canadian securities legislation.