Newport Exploration Updates on Beach Energy’s Q2 Activities

Newport Exploration ( (TSE:NWX) ) has provided an announcement.

Newport Exploration Ltd reported on Beach Energy’s second quarter activities in the Cooper Basin, where Newport holds a royalty interest. Beach Energy’s production from the Western Flank declined by 6% due to natural field decline, though this was mitigated by strong reservoir performance and optimization activities. Oil and gas production both saw slight declines, while the average realized price for oil decreased by 3% and gas increased by 3%. There were no drilling activities during the quarter, but plans are underway for future drilling campaigns.

More about Newport Exploration

Newport Exploration Ltd is a company that holds a 2.5% Gross Overriding Royalty over permits in the Cooper Basin, Australia. These permits are operated by Beach Energy Ltd, with Newport having no control over the operating decisions. The royalty assets have no expiration date and incur no cost to Newport to maintain.

YTD Price Performance: -6.25%

Average Trading Volume: 61,225

Technical Sentiment Consensus Rating: Buy

Current Market Cap: C$7.92M

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