Vancouver, British Columbia, December 6th, 2018. Newport Exploration Ltd (“Newport” or “the Company”) reports that it has received from Beach Energy Ltd. (“Beach”), its after tax 2.5% gross overriding petroleum royalty payment for the three month period, August 2018 to October 2018.
Gross royalty income for the period was AUD$2,775,476. The payment received by Newport of AUD$1,942,833 is net of 30% Australian withholding taxes (AUD$832,643) in accordance with the Australian Tax Office.
Newport has approximately CDN$5.67 million in the treasury, comprised of cash, cash equivalents, and short term-investments.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Santos Ltd to keep current during exploration, development and potential production of all the licences subject to the Company’s gross overriding royalty.
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