Newport Exploration Ltd.: Further Update on Oil and Gas Royalties in Australia
May 2, 2014 (Source: Marketwired) — Mr. Ian Rozier, President of Newport Exploration Ltd. (“Newport” or the “Company”) (TSX VENTURE:NWX), wishes to provide further information on oil and gas permits in Australia that are subject to the Company’s oil and gas royalty interests. As disclosed in financial statements and various news releases since September 2002, the Company holds a 2.5% overriding royalty on several oil and gas permits in the Cooper Basin in Australia.
Interested shareholders and potential investors have been encouraged to access information released independently by the operators of the oil and gas permits, further details of which were provided in the Company’s news release dated April 29th, 2014.
Both Drillsearch Energy Limited (“Drillsearch”) and Beach Energy Limited (“Beach”) just released information that made several references to their activities on PEL 91 (Beach 40% and Operator Drillsearch 60%). Drillsearch’s Q3 update provides information on recent discoveries on PEL 91 along with production details, their estimated “preliminary gross undeveloped reserves” information with respect to wells that will become future producers, and on work “on the upgrade of fluid handling facilities at Bauer (on PEL 91) which will increase total capacity to 50,000 barrels of oil and water a day.”
“We are very pleased to see the outstanding exploration success continuing on PEL 91 and the progress made with the upgrade of infrastructure to support additional production,” said Mr. Ian Rozier, President of the Company. “This should lead to significant ongoing growth in our royalty proceeds.”
The Company has no advanced access to such information and furthermore, cannot be responsible for statements made by the Operators. Notwithstanding the above, the Company encourages shareholders and potential investors to access information released independently by the Operators on a regular basis in order to keep current.
The Company wishes to make a correction to the news release dated April 29, 2014; the royalty payment received for the first quarter of 2014 was AUD $3.834 million (CDN $3.781 million).
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All royalty payments received by the Company will continue to be reported in our financial statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the contents of this news release.
Cautionary Statement on Forward-Looking Information
This press 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”, “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, while 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 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 development activities, the speculative nature of exploration and development, including the risk of obtaining necessary licenses 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>