Vancouver, Canada. September 27th, 2018. 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 October 12, 2018. The Dividend payment date will be October 19, 2018.
This dividend has been designated as an “eligible dividend” for Canadian income tax purposes.
The Board of Directors has declared the Dividend based on a persistently low value being placed on the Company’s shares despite the recent increase in oil prices and Beach Energy Ltd (“Beach”) reporting several wells drilled and identified as future producers on Ex PEL 91. 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 a 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 on Ex PEL’s 91, 106, and 632 had several wells drilled and identified as 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 $8 million in cash, cash equivalents and short-term investments.
For further information contact:
Ian Rozier, Director and Chief Executive Officer
+1 604 685 6851
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