11:59 AM EDT, 06/24/2024 (MT Newswires) -- Newport Exploration ( NWXPF ) over the weekend provided an update on its licenses in the Cooper oil and gas basin in Australia, where it has a 2.5% gross overriding royalty (GOR) on production from Beach Energy.

The information in the update was reported by Beach in a recent Strategic Review Outcomes presentation that covered Beach's entire Australian operations. Beach proposed a refresh of their strategic plans, which includes plans for their Western Flank oil exploration project and the potential for a drilling campaign in 2026.

For 2025, Beach's production outlook for the Western Flank considers a "natural field decline of up to 40%" while the drilling inventory is being refreshed.

Newport is not involved in the operation of the licenses over which it has a GOR. It is therefore unable to provide guidance on Beach's drilling plans on the licenses or on anticipated oil production.

Newport will also review its options with respect to the issuance of future dividends, which are based on actual quarterly GOR revenues.

Newport's shares were last seen down $0.025 to $0.11 on the TSX Venture Exchange.