Trading Symbol: NWX (TSX-V)
VANCOUVER, BC, June 11,
2024 /CNW/ - Newport Exploration Ltd ("Newport" or
"the Company") is pleased to report its after tax 2.5% Gross
Overriding Royalty ("GOR") from Beach Energy Ltd. ("Beach") for the
February 2024 – April 2024 quarter. Gross royalty income for the
quarter was AUD$1,034,780 and is subject to 30% Australian
withholding tax (AUD$310,434).
As reported by Beach, and in a Company news release dated
April 25, 2024, Western Flank oil
production during this quarter was negatively impacted by extensive
rain. Early April rains were expected to impact oil
production for approximately one month while operations are
restored, assuming no further weather events.
Dividend Payment
As announced on May
10th, 2024, the Company has now made its
$0.005 per share dividend payment to
shareholders of record at May
27th, 2024.
Company Financial Status
Newport has approximately
CDN$1.1 million in its Treasury,
comprised of cash, cash equivalents and short-term
investments. After receipt of the GOR, the Company should
have approximately CDN$1.8 million in
its Treasury, and no debt. Shareholders will be advised when
the Company receives its GOR payment.
Newport proposes to maintain
regular dividend payments to shareholders with the option to change
the quarterly dividend payments from time to time. Investors
are cautioned that historical results are no guarantee of future
performance.
About Newport
Newport has a 2.5% GOR over
licences in the Cooper Basin, Australia, operated by 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.
www.newport-exploration.com
www.beachenergy.com.au
www.santos.com
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 is intended to provide readers with a
reasonable basis for assessing the future performance of the
Company. The words "believe", "should", "could", "expect",
"anticipate", "contemplate", "target", "plan", "intends",
"continue", "budget", "estimate", "may", "will", "schedule" and
similar expressions identify forward-looking statements.
Forward-looking statements may pertain to assumptions regarding
Beach's drilling plans, the price of oil and fluctuations in
currency markets (specifically the Australian dollar) and future
dividend payments. Forward-looking statements are based upon a
number of estimates and assumptions that, which are considered
reasonable by the Company, are inherently subject to business,
economic and competitive uncertainties and contingencies. 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. 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.
© 2024 Newport Exploration Ltd.
SOURCE Newport Exploration Ltd.