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NEWPORT ANNOUNCES FIRST QUARTERLY CASH DIVIDEND OF 2024 AND CHANGES TO ITS QUARTERLY DIVIDEND
NEWPORT ANNOUNCES FIRST QUARTERLY CASH DIVIDEND OF 2024 AND CHANGES TO ITS QUARTERLY DIVIDEND ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n NEWPORT ANNOUNCES FIRST QUARTERLY CASH DIVIDEND OF 2024 AND CHANGES TO ITS QUARTERLY DIVIDEND\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 \n VANCOUVER, BC\n \n \n ,\n \n \n Feb. 12, 2024\n \n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to announce its first quarterly cash dividend (\"the Dividend\") in 2024 and to provide details with respect to a change in the Quarterly Dividend paid to shareholders going forward.\n \n \n \n \n \n \n \n \n \n Effective\n \n December 2019\n \n the Company's Board of Directors (\"the Board\") approved a quarterly fixed distribution\n \n $0.01\n \n dividend. The Company enacted this policy in\n \n March 2020\n \n , with subsequent dividend payments every three months. As previously disclosed, the Company reserved the right to change the dividend payment from time to time, which it has done on occasion. The Company's Special Dividend and Quarterly Dividend History is available on the Company's website. Since 2015 the Company has distributed approximately\n \n $57.3M\n \n to\n \n December 31, 2024\n \n in dividend payments to its shareholders. Investors are cautioned that historical results are no guarantee of future performance.\n \n \n In light of several factors affecting the uncertainty and potential volatility of cash flows derived from the Company's 2.5% Gross Overriding Royalty (\"GOR\") licences going forward, the Board has deemed it prudent to amend its dividend in 2024 to a quarterly fixed distribution dividend of\n \n $0.005\n \n per share. In making this decision, the Board considered recent production data, as well as statistics and analysis released by the World Bank, the International Energy Agency (\"IEA\"), and by the Organization of Petroleum Exporting Countries (\"OPEC\"), on the future of oil prices.\n \n \n Against widespread expectations, oil prices remained lower than anticipated in 2023. Brent Crude, the global oil benchmark (and the price at which the Company's oil royalties are bas...