Increased fuel prices. Higher than expected. Two gas discoveries. Three horizontal wells are planned for the former PEL 91

Trademark NWX (TSX-V)

Vancouver, B.C. October 21, 2021 CNW – Newport Express Limited (“Newport” or “Company”) provides amendments to licenses in the Cooper Basin. AustraliaIn addition, the company has a 2.5% GOR. This policy was reported by Beach Energy Limited (ASX) BPT in the FY22 first quarter performance report. October 20, 2021.

Newport Exploration Limited logo (CNW Group / Newport Exploration Ltd.)

Certified oil and gas prices

The average confirmed oil price was AUD $ 110.3 / bbl, an 11 percent increase over the previous quarter. This guaranteed oil price is the end of the beach quarter. September 30Th, 2021. Newport The first quarter ends October 31StA.D. 2021 and therefore, with the continued increase in oil prices until October, as well as the premium paid for Bitch Brent Oil from Western Frank, the company expects a higher guaranteed GOR price for the first quarter.

The confirmed gas price fell 2% to AUD $ 7.5 per GJ, an increase of 5% over the same period.

The Coastal Report reported that the average guaranteed price of all products was AUD $ 67.3 / boe, an increase of 3 percent compared to the previous quarter.

Production

The following are the main points of the first quarter production of West Frank in the Bahir Dar report.

Production from West Frank was 1.6 MMboe, down 10% in the previous quarter, offsetting high volume of gas and related liquids. (Note: The Western Frank includes the company’s GOR license in the past PEL 91, 106, 107 and PRL 26, as well as the previous PEL 92, 104 and 111, the company does not have GOR). West Frank’s oil production was 1.0 MMboe, down 18% due to natural field failures in the previous quarter, and no new wells were connected in the quarter.

Expected production and development activity in the 22nd quarter is expected to reduce the decline in the second half of the fiscal year.

West Frank Gas and Gas Fluids Production 574 KB. This is an increase of 12 percent over the last quarter. Middleton Gas processing plant.

The company will update shareholders as soon as it has a specific product forecast for GR licenses.

FY22 excavation activities

The 22-year Fiscal Year Oil Exploration Program has launched a kangaroo 2 assessment well drilling to evaluate the Birkhead reservoir at ex PEL 91 kangaroo field. The well was completed by crossing an oil-laden birchhead reservoir, which was used as a future injection to recover oil from the field.

The FY22 gas exploration program was launched late on the previous PEL 106. August 2021. By the end of the first quarter, three wells had been drilled, with two findings in Rossby 1 and Lowry South 1. Both findings are completed as manufacturers and from Middleton Gas processing facility in mid-FY22. The last well in the gas exploration campaign was being drilled at the end of the quarter in the southwest 1.

In the former PEL 91, a total of three horizontal boreholes will be drilled in the Macintosh Reservoir in the Balgowan and Caladin areas. Up to 15 oil wells are expected to be drilled off the coast of West Frankland with various licenses.

“The coast’s previously announced field deficit was based on existing reserves, to replace oil reserves with no consideration for new wells, so we are very pleased with the recent success of GOR licensing in oil and gas drilling as well as planned drilling activities. By ex PEL 91 “ He said. Ian Rozier, President and CEO Newport.

In Care Of Newport

The company will receive GOR from the beach if it is not a reporter Kannada. Therefore Newport The disclosure does not guarantee compliance with Canadian security law.

Newport It has no control over beach decisions and is not private in browsing and producing information from the beach during its operation. Accordingly, this prevents the company from commenting on future action plans.

As always, the company recommends that shareholders and potential investors obtain the relevant information released by Beech and Santos Limited separately in order to explore, develop, and produce all licenses subject to the company’s GR.

The company currently has 105,579,874 shares and outstanding and approximately 105,579,874 joint shares. $ 4.8 million In the treasury (including cash, cash and short-term investments) and no debt.

The next GOR payment details will be reported in late or early November. December 2021.

Neither TSX Venture Exchange nor the Regular Service Provider (as defined in the TSX Venture Exchange Policies) will be liable for the accuracy or efficiency of this news release.

Warning statement on future information

This release is intended to provide readers with a rational basis for evaluating the company’s future performance. The words “believe”, “believe”, “wait”, “wait”, “meditate”, “target”, “plan”, “plan”, “continue”, “budget”, “guess”. “Can”, “License”, “Schedule” and similar expressions identify future statements. Future statements may include coastal drilling plans, future dividends, oil prices and exchange rate fluctuations (especially the Australian dollar). Future statements are based on a number of assumptions and assumptions, which are considered reasonable by the company and are inherently subject to trade, economic and competitive instability and emergencies. Risk factors include fluctuations in oil prices, the risk of changes in government regulations, the risk of obtaining the necessary permits and licenses, taxes, controls, regulations, and political or economic developments, but they are not limited to this. Kannada, Australia Or the countries in which the company operates or operates in the future, the risks associated with development activities, the estimated nature of exploration and growth, and the rates or standards held. Readers are warned that future statements are not a guarantee for future performance. There can be no guarantee that such statements will be accurate and accurate and that future events may differ from what is stated in such statements.

The Company reserves the right or obligation to update or revise any future statements with new information, future events or otherwise, except as required by applicable laws.

© 2021 Newport Exploring Limited

Source: Newport Exploration Limited

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