Business
NEWPORT ANNOUNCES FIRST QUARTERLY CASH DIVIDEND OF 2022
NEWPORT ANNOUNCES FIRST QUARTERLY CASH DIVIDEND OF 2022 Canada NewsWire ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n NEWPORT ANNOUNCES FIRST QUARTERLY CASH DIVIDEND OF 2022\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n Trading Symbol: NWX (TSX-V)\n \n \n \n VANCOUVER, BC\n \n ,\n \n Feb. 8, 2022\n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to announce its first quarterly cash dividend (\"the Dividend\") in 2022 of\n \n $0.01\n \n per share to its shareholders of record at the close of business on\n \n February 23\n \n \n rd\n \n , 2022. The Dividend payment date is\n \n March 10\n \n \n th\n \n , 2022.\n \n \n \n \n \n \n \n \n \n The Dividend, fully approved by the Board of Directors, is not subject to any changes and has been designated as an \"eligible dividend\" for Canadian income tax purposes.\n \n \n The\n \n $0.02\n \n /share dividend paid in\n \n September 2021\n \n , the\n \n $0.02\n \n /share dividend paid in\n \n December 2021\n \n and the\n \n $0.01\n \n /share dividend to be paid in\n \n March 2022\n \n will be recorded in the Financial Year ended\n \n July 31, 2022\n \n .\n \n \n \n \"At this time management consider it prudent to return to the\n \n $0.01\n \n quarterly dividend, at least for this Quarter, until we know the impact on production from the three horizontal wells on ex PEL 91 to be brought on-line in Beach's Q3, 2022\",\n \n stated\n \n Ian Rozier\n \n , President and CEO of the Company\n \n .\n \n \n \n \n \n About\n \n Newport\n \n \n \n \n \n \n Newport\n \n has an advantageous business model with a 2.5% Gross Overriding Royalty (\"GOR\") over permits in the Cooper Basin,\n \n Australia\n \n , operated by Beach Energy Ltd (\"Beach\"). There is no time limit or expiry date on the GOR assets, and no cost to the Company to retain them.\n \n \n \n Newport\n \n 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...