BEACH REPORT FIRST HALF FY24 RESULTS
Trading Symbol: NWX (TSX-V)
Beach's First Half FY24 production from the Western Flank was 1.9MMbbl, 3% below the prior corresponding period (First Half FY23: 2.0 MMboe) and comprised 1.4 MMbbl of oil (+5%), 2.0 PJ of sales gas (-19%), 10 kt of LPG (-19%) and 76 kbbl of condensate (-20%). The decrease in production was mainly due to natural field decline, partially offset by new oil well connections (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).
Beach report it completed its FY24 drilling campaign on the Western Flank. The wells drilled on the Company's GOR licences were plugged and abandoned.
Beach report they are assessing the results from the FY24 drilling campaign and are planning for the FY25 drilling campaign. Additionally, there is ongoing production optimization and performance improvement initiatives.
We advise shareholders and potential investors that the Company recently received an AUD$408,175 (
The Company receives its GOR from Beach which is not a reporting issuer in
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
The Company currently has 105,579,874 common shares issued and outstanding and approximately
Details of the next GOR payment will be reported at the end of February or early
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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 Beach's drilling plans, future dividends, the price of oil and fluctuations in currency markets (specifically the Australian dollar). 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
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.
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