BEACH ENERGY LIMITED

BPT
End-of-day quote. End-of-day quote  - 01/19
1.9AUD -0.52%

Beach Energy : NEWPORT REPORTS ON BEACH'S FIRST QUARTER 2021 PRODUCTION 100% DRILLING SUCCESS ON BAUER FIELD IN EX-PEL 91

10/27/2020 | 10:27am

Newport Exploration Ltd ('Newport' or 'the Company') is pleased to provide an update on production and drilling activities on licenses in the Cooper Basin, Australia over which the Company has a 2.5% gross overriding royalty ('GOR').

This information was reported by Beach Energy Ltd ('Beach') (ASX: BPT) in its, Quarter Report for the period ended 30th September, 2020 ('Beach Quarter Report').

In light of the recent turmoil in global oil markets as a result of a drastic decline in demand caused by the effects of COVID-19, the Company strongly advises shareholders to access the Beach Quarter Report and previous Company News Releases that demonstrate the position of Beach (the operator of the GOR licences) going forward, which is in drastic contrast to many oil producers with higher operating costs and punishing debt loads.

Contact:

Tel: +1 604 685 6851

Cautionary Statement on Forward-Looking Information

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, 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 Canada, 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, and assumed quantities or grades of reserves. 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.

(C) 2020 Electronic News Publishing, source ENP Newswire

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