Vancouver, Canada. June 19th, 2017. Newport Exploration Ltd (“Newport” or “the Company”) is pleased to announce that the Board of Directors has declared a special cash dividend (“the Dividend”) of $0.05 per share to its shareholders of record at the close of business on June 30, 2017. The Dividend payment date will be July 7, 2017.
This dividend has been designated as an “eligible dividend” for Canadian income tax purposes.
The Board of Directors has declared the dividend based on the persistently low value being placed on the Company’s shares despite Beach Energy Ltd (“Beach”) reporting several new wells being brought into production in Ex PEL’s 91, 106, and 632, and a lack of suitable investment opportunities in the current energy market. Any future cash dividend is subject to the Board’s review and decisions will be made at that time with the best interests of Newport shareholders in mind.
Newport holds its 2.5% gross overriding royalty on several oil and gas permits in the Cooper Basin in Australia. These permits are currently being operated and explored by Beach and Santos Ltd. (“Santos”), both major Australian oil and gas producers. Recent exploration and development has been focused on Ex PEL’s 91, 106, and 632 with several wells having been drilled and reported as producers and/or future producers.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Santos in order to keep current during the exploration, development and production of these licences.
The Company currently has 92,329,874 common shares issued and outstanding and $7.7 million in cash, cash equivalents and short-term investments.
For further information contact:
Ian Rozier, Director and Chief Executive Officer
+1 604 685 6851
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, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “should”, “could”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements. These forward-looking statements pertain to assumptions regarding the price of oil, fluctuations in currency markets (specifically the Australian dollar), and the future development of the Company’s project. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, which considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in forward-looking statements. Such 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. Many of these uncertainties and contingencies may affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. 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.