Adnoc Drilling Plans Second Acquisition in Kuwait, Oman: CFO
The company, a listed unit of Abu Dhabi's government-owned oil giant, agreed in May to pay $112 million for the majority of SLB's drilling business in Kuwait and Oman. The new acquisition would likely be 'the same structure, the same size' to give Adnoc Drilling additional scope without raising risk of overexposure, Salem said.
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/C O R R E C T I O N -- Newport Exploration Ltd./
In the news release, BEACH REPORT ANNUAL PRODUCTION RESULTS, UPDATED RESERVES, AND PROPOSED FY26 DRILLING PROGRAM, issued 06-Aug-2025 by Newport Exploration Ltd. over CNW, we are advised by the company that there have been clarifications and edits to both the "Reserves" section and company boilerplate in the release. The complete, corrected release follows: CLARIFIYING NEWS RELEASE - BEACH REPORT ANNUAL PRODUCTION RESULTS, UPDATED RESERVES, AND PROPOSED FY26 DRILLING PROGRAM Trading Symbol: NWX (TSX-V) VANCOUVER, BC, Aug. 7, 2025 /CNW/ - Newport Exploration Ltd ("Newport" or "the Company") would like to clarify its previous news release dated August 6th, 2025. Newport provides an update on operations and reserves 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") (ASX: BPT) in its 2025 Annual Report and FY25 Results Presentation, both dated 4th August 2025. Beach reports on the Western Flank, which includes ex PEL's 91, 106 and 107, and the Udacha Block – PPL 280 which are subject to the Company's GOR, as well as licences ex PEL's 92, 104 and 111, over which the Company does not have a GOR. Production Beach report total Western Flank production for the year was 2.3 MMboe, a decrease of 33% from the prior year. The decrease in production was mainly due to natural field decline and production interruptions from flooding in the Western Flank. The Company will update shareholders as soon as it is in receipt of any specific production forecasts for the GOR licences. Reserves Beach reports Western Flank reserves and contingent resources effective as of 30th June, 2025. Categories presented for reserves are 1P reserves (Proved) and 2P reserves (Proved and Probable). Reported reserves have been independently audited by Netherland, Sewell and Associates Inc. in accordance with the definitions and guidelines contained within the Petroleum Resources Management System (PRMS) as set out in SPE Reserves Auditing Standards in Australia. Beach report the following Western Flank 1P reserves at 30th June 2025: Oil – 4.7 MMboe (40% is attributable to the Company's GOR licences) Gas – 1.2 MMboe (100% is attributable to the Company's GOR licences) Beach report the following Western Flank 2P reserves at 30th June 2025: Oil – 11.6 MMboe (37% is attributable to the Company's GOR licences) Gas – 1.5 MMboe (100% is attributable to the Company's GOR licences) The Company receives its GOR from Beach, which is not a reporting issuer in Canada, the reserves are not prepared in accordance with NI 51-101- Standards of Disclosure for Oil and Gas Activities and the COGE Handbook. The issuer is unable to confirm that the Reserves and Resources were prepared by a qualified reserves evaluator or auditor, in accordance with NI 51-101. FY26 Focus Beach are targeting the commencement of a 10-well oil appraisal and development campaign targeting undeveloped McKinlay/Birkhead reserves in the second half of FY26, subject to flood recovery and final approvals. Planned drilling would be across the Bauer, Callawonga, Kalladeina and Snatcher fields. The key focus on operating efficiencies and cost savings before progressing to a Final Investment Decision for the next oil exploration campaign. About Newport Newport has a 2.5% Gross Overriding Royalty ("GOR") over permits in the Cooper Basin, Australia, operated by Beach. There is no time limit or expiry date on the GOR assets, and no cost to the Company to retain them. Newport has no control over operating decisions made by Beach. Accordingly, this prevents the Company from commenting on Beach's operating plans going forward. The Company recommends that shareholders and potential investors access material information relevant to the Company as released independently by Beach and Santos Ltd in order to keep current during exploration, development and potential production of all the licences subject to the Company's GOR. The Company currently has 105,579,874 common shares issued and outstanding and approximately $2.5 million in the Treasury (comprised of cash, cash equivalents and short-term investments), and no debt. For further information contact: Ian Rozier, P. Eng (Non-Practising)Director and Chief Executive Officer+1 604 685 6851info@ Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this news release. 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 the price of oil and fluctuations in currency markets (specifically the Australian dollar) and future dividend payments. 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. © 2025 Newport Exploration Ltd. SOURCE Newport Exploration Ltd. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
