Trading Symbol: NWX (TSX-V)

VANCOUVER, BC, Jan. 26, 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 FY24 Second Quarter Activities Report dated 25 January 2024.

Production

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

Production from the Western Flank was 0.9 MMboe, 12% 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).

Western Flank oil production of 654 kbbl was 12% below the prior quarter due to natural field decline.

Gas and gas liquids production of 236 kboe was 12% 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$144/bbl, a 3% increase over the prior quarter.

The average realized price of gas was AUD$8.9 per GJ, no change from the prior quarter.

Beach report their average realized price across all products was AUD$89/boe, an 11% increase over the prior quarter.

Q2 FY24 Drilling Activities

Beach continued its FY24 oil exploration and appraisal campaign with seven oil exploration wells and two oil appraisal wells drilled. Of the wells drilled, one oil exploration well and one oil appraisal well were drilled on the Company's GOR licenses, both were plugged and abandoned.

About Newport

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 $1.5 million in the treasury (comprised of cash, cash equivalents and short-term investments) and no debt.