June 11th, 2024. Newport Exploration Ltd (“Newport” or “the Company”) is pleased to report its after tax 2.5% Gross Overriding Royalty (“GOR”) from Beach Energy Ltd. (“Beach”) for the February 2024 – April 2024 quarter. Gross royalty income for the quarter was AUD$1,034,780 and is subject to 30% Australian withholding tax (AUD$310,434).
As reported by Beach, and in a Company news release dated April 25, 2024, Western Flank oil production during this quarter was negatively impacted by extensive rain. Early April rains were expected to impact oil production for approximately one month while operations are restored, assuming no further weather events.
Dividend Payment
As announced on May 10th, 2024, the Company has now made its $0.005 per share dividend payment to shareholders of record at May 27th, 2024.
Company Financial Status
Newport has approximately CDN$1.1 million in its Treasury, comprised of cash, cash equivalents and short-term investments. After receipt of the GOR, the Company should have approximately CDN$1.8 million in its Treasury, and no debt. Shareholders will be advised when the Company receives its GOR payment.
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.
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 and approximately $1.8 million in the Treasury (comprised of cash, cash equivalents and short-term investments), and no debt. The Company expects to receive the next royalty payment from Beach prior to the dividend payment on June 11th, 2024.
For further information contact;
Ian Rozier, M.Sc.,
P. Eng (Non-Practising)
Director and Chief Executive Officer
+1 604 685 6851