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Newport Exploration Ltd.: Update on Developments in PRL 130 and PRL 133 in the Cooper Basin, Australia
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 13, 2015) - Newport Exploration Ltd. ("Newport" or "the Company") (TSX VENTURE:NWX) is pleased to provide an update on drill results from the Western Wet Gas Fairway, Wet Gas joint venture in the Cooper Basin, Australia, (Drillsearch 50%, Beach 50% and Operator) as reported by Drillsearch Energy Limited ("Drillsearch"), which is subject to the Company's 2.5% gross overriding royalty.
Beach Energy Limited ("Beach") drilled the Ralgnal-1 exploration well in PRL 130 (formerly PEL 106). Drillsearch's preliminary evaluation of well logs indicates a gross interval in the Patchawarra Formation between 2,379 and 2,787 metres with net pay of 6.6 metres, and a gross interval in the Tirrawarra. Formation between 2,787 and 2,842 metres with net pay of 3.0 metres. A Drill Stem Test (DST) was performed over the Patchawarra Formation with gas flowing to surface at a rate of 5.88 mmscf/d. Test flow rates for condensate are currently under review. The well will be cased and suspended as a new discovery, with a cased hole test proposed prior to completion of the well. Newport is encouraged by the success of Ralgnal-1.
In the Wet Gas joint venture with Santos Ltd ("Santos") (Drillsearch 40%, Santos 60% and Operator), the Nulla North-1 well spudded on 27 January in the northwest of PRL 133 (formerly PEL 632). As a near-field exploration well, Nulla North-1 targeted wet gas in the Patchawarra Formation and Tirrawarra Sandstone. Preliminary assessment of initial mud and wireline logs has identified multiple wet gas shows in the Patchawarra Formation and the deeper Tirrawarra Sandstones. The joint venture is proceeding with a DST of the well to determine whether a new wet gas discovery has been made.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Drillsearch in order to keep current during an active period in the exploration and development of these permits.
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, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "should", "could", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. These forward-looking statements pertain to assumptions regarding the price of oil, fluctuations in currency markets (specifically the Australian dollar and the U.S. dollar), the future funding of the Company's projects, and the future development of the Company's projects. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, which considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, the risk of fluctuations in the assumed exchange rates of currencies that directly impact the Company, such as the Canadian dollar, Australian dollar and U.S. dollar, the risk of fluctuations in the assumed prices of oil, the risk of changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, the United States, 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, including the risk of obtaining necessary licences and permits, and assumed quantities or grades of reserves. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. 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.
