Trading Symbol: NWX (TSX-V)
VANCOUVER, March 2, 2020 /CNW/ - Newport Exploration
Ltd ("Newport" or "the Company") is pleased to report its after tax
2.5% Gross Overriding Royalty ("GOR") payment from Beach Energy
Ltd. ("Beach") for the November 2019
to January 2020 quarter.
Gross royalty income for the quarter was AUD$3,602,465. The
AUD$2,521,726 payment received by Newport is net of 30% withholding taxes
(AUD$1,080,739) in accordance with the Australian Tax
Office.
Newport has approximately
CDN$7.2 million in its Treasury,
comprised of cash, cash equivalents, and short-term
investments.
With the success of the drilling programs conducted by Beach for
both oil and gas permits over which the Company holds its 2.5% GOR,
increased production in the Bauer field, and plans for exploration
and development in FY2020, as reported in a Company News Release
dated February 11th, 2020,
the Company anticipates continuity of production and associated
royalty revenues. The Company has a strong balance sheet with no
debt and management is confident in its ability to maintain regular
quarterly dividend payments as committed to in a News Release dated
December 12th, 2019. As
announced on February
10th, 2020, Newport's first quarterly dividend payment
date is March 9th,
2020.
The Company continues to 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
GOR.
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, future dividends, the price of oil and
fluctuations in currency markets (specifically the Australian
dollar). 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.
SOURCE Newport Exploration Ltd.