Newport Exploration Ltd. provided an update for licences 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") in its Fiscal Quarter Activities Report dated 13 April 2023. Production from the Western Flank as reported by Beach are as follows: Production from the Western Flank was 0.9 MMboe, down 6% on the prior quarter (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).

Daily production rates increased towards the end of the quarter due to clearing the inventory of unconnected wells from the prior quarter. Beach report that subsequent to its quarter-end, daily production rates exceeded 10,000 bopd, the highest rate since November 2021. Beach report that production from the recently completed six-well Birkhead fracture stimulation campaign provided encouraging results which support ongoing evaluation of both vertical and horizontal fracture stimulation opportunities in the Birkhead Formation.

Beach is expecting full year Western Flank oil production decline of more than 10% compared to fiscal year 2022 (fiscal year 2022 Western Flank oil production: 3.4 MMbbl). Full year production will be dependent on the performance of recently connected wells and additional wells to be brought online in Fourth Quarter Fiscal 2023. Western Flank oil production was 646 kbbl, down 1% on the prior quarter, and gas liquids production of 240 kboe was 16% below the prior quarter.

A further nine wells are expected to be brought online by the end of Beach's financial year, comprising six drilled but unconnected wells at 31 March 2023 and three wells still to be drilled. The Company will update shareholders as soon as it is in receipt of any specific production forecasts for the GOR licences.