Trading Symbol: NWX
(TSX-V)
VANCOUVER, BC, June 21,
2024 /CNW/ - Newport Exploration Ltd ("Newport"
or "the Company") provides an update for licenses 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 a recent "Strategic Review Outcomes Presentation" that covered
Beach's entire Australian operations.
In the Presentation Beach propose a "Refresh" of their strategic
plan which includes their plans for their Western Flank oil
exploration projects and the potential for a drilling campaign in
FY26, the Western Flank is considered as being one of their
catalysts for organic growth. For FY25, Beach's production outlook
for the Western Flank considers a "natural field decline of up to
40%" while their drilling inventory is being "refreshed".
As the Company is not involved in the operation of the licences
over which it has the GOR, it is unable to provide any further
guidance on Beach's plans for further drilling on the licences or
anticipated oil production. Accordingly, the Company proposes to
review its options going forward with respect to the issuance of
future dividends which are based on actual quarterly GOR
revenues.
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.
The Company currently has 105,579,874 common shares issued and
outstanding and approximately $1.8
million in the Treasury (comprised of cash, cash equivalents
and short-term investments), and no debt.
www.newport-exploration.com
www.beachenergy.com.au
www.santos.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the accuracy or
adequacy of this news release.
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.
© 2024 Newport Exploration Ltd.
SOURCE Newport Exploration Ltd.
