Vancouver, British Columbia, June 4th, 2019. Newport Exploration Ltd (“Newport” or “the Company”) is pleased to report that it has received its after tax 2.5% Gross Overriding Royalty (“GOR”) payment from Beach Energy Ltd. (“Beach”) for the three-month period February 2019 to April 2019.
Gross royalty income for the period was AUD$2,370,695. The payment received by Newport of AUD$1,659,487 is net of 30% Australian withholding taxes (AUD$711,208) in accordance with the Australian Tax Office.
Newport has approximately CDN$8.1 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 licenses subject to the Company’s gross overriding royalty.
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