Vancouver, Canada, March 5th, 2024. 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 2023 – January 2024 quarter. Gross royalty income for the quarter was AUD$1,368,519. The AUD$957,963 payment received by Newport is net of 30% Australian withholding tax (AUD$410,556).
Company Financial Status
Newport has approximately CDN$2.5 million in its Treasury, comprised of cash, cash equivalents and short-term investments. As announced on February 12th, 2024, Newport’s first quarterly dividend payment date for 2024 is March 12th, 2024. After the dividend payment, the Company will have approximately CDN$2.0 million in its Treasury, and no debt.
Newport proposes to maintain regular dividend payments to shareholders with the option to change the quarterly dividend payments from time to 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.
For further information contact;
Ian Rozier, M.Sc.,
P. Eng (Non-Practising)
Director and Chief Executive Officer
+1 604 685 6851