Trading Symbol: NWX (TSX-V)
VANCOUVER, BC, March 1,
2023 /CNW/ - Newport Exploration Ltd
("Newport" or "the Company") is pleased to report the receipt of
its after tax 2.5% Gross Overriding Royalty ("GOR") payment from
Beach Energy Ltd. ("Beach") for the November
2022 – January 2023 quarter.
Gross royalty income for the quarter was AUD$1,538,314. The
AUD$1,076,820 payment received by Newport is net of 30% Australian withholding
tax (AUD$461,494).
Company Financial Status
Newport has
approximately CDN$4.4 million in its
Treasury, comprised of cash, cash equivalents and short-term
investments. As announced on February
9th, 2023, Newport's first quarterly dividend payment
date for 2023 is March
13th, 2023. After the dividend payment, the
Company will have approximately CDN$3.4
million in its Treasury, and no debt.
Newport proposes
to maintain regular dividend payments to shareholders with the
option of increasing quarterly payments at any time.
Investors are cautioned that historical results are no guarantee of
future performance.
About Newport
Newport has a
2.5% GOR over licences 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 receives its GOR from Beach which is not a reporting issuer
in Canada, therefore Newport is not able to confirm if the
disclosure satisfies the requirements of NI 51-101 - Standards of
Disclosure for Oil and Gas Activities, or other requirements of
Canadian securities legislation.
The Company currently has 105,579,874 common
shares issued and outstanding.
info@newport-exploration.com
www.newport-exploration.com
www.beachenergy.com.au
www.santos.com
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
Beach's drilling plans, 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.
© 2023 Newport Exploration Ltd.
SOURCE Newport Exploration Ltd.