11:52 AM EDT, 07/22/2024 (MT Newswires) -- Newport Exploration ( NWXPF ) reported over the weekend a production update on its licenses in Australia's Cooper basin, where the company holds a 2.5% gross overriding royalty.

Australia-listed Beach Energy said production from the Western Flank totaled 714,000 barrels of oil equivalent (boe) for the fiscal fourth quarter, dropping 10% from the previous quarter, due to natural field decline and rain-related disruptions.

Oil production of 490,000 barrels fell 13% from the prior quarter while gas and gas liquids production of 224,000 boe was down 4%.

The average realized price of oil increased 1% to A$143 per barrel and the average realized price of gas rose 6% to A$10.3 per GJ.

Beach said its average realized price across all products was A$79/boe, a 2% decrease.

Newport noted that it has no control over operating decisions made by Beach on the Cooper basin.

Newport shares were last seen up $0.005 to $0.125 on the TSX Venture Exchange.

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