Vancouver, Canada. November 10th , 2022. — Newport Exploration Ltd (“Newport” or “the Company”) is pleased to announce its fourth quarterly cash dividend (“the Dividend”) in 2022 of $0.01 per share to its shareholders of record at the close of business on November 25th , 2022. The Dividend payment date is December 12th , 2022.
The Dividend, fully approved by the Board of Directors, is not subject to any changes and has been designated as an “eligible dividend” for Canadian income tax purposes.
“Although the Company remains optimistic about future production from our GOR licences as a result of successful drilling and new oil discoveries made by Beach, we felt it prudent to keep the dividend at $0.01 per quarter.” stated Ian Rozier, President and CEO of the Company.
Newport has an advantageous business model with a 2.5% Gross Overriding Royalty (“GOR”) over permits in the Cooper Basin, Australia, operated by Beach Energy Ltd (“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 and approximately $3.6 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 December 12, 2022.
For further information contact;
Ian Rozier, M.Sc.,
P. Eng (Non-Practising)
Director and Chief Executive Officer
+1 604 685 6851