Business
NEWPORT ANNOUNCES FOURTH QUARTERLY CASH DIVIDEND OF 2022
NEWPORT ANNOUNCES FOURTH QUARTERLY CASH DIVIDEND OF 2022 Canada NewsWire ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n NEWPORT ANNOUNCES FOURTH 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 \n VANCOUVER, BC\n \n \n ,\n \n \n Nov. 10, 2022\n \n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to announce its fourth 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 November 25\n \n \n th\n \n , 2022. The Dividend payment date is\n \n December 12\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 \n \"\n \n \n Although the Company remains optimistic about future production from our GOR licences as a result of successful drilling and new oil discoveries made by Beach, we felt it prudent to keep the dividend at\n \n $0.01\n \n per quarter.\n \n \n \"\n \n stated\n \n Ian Rozier\n \n , President and CEO of the Company.\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 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\n \n Canada\n \n , therefore\n \n Newport\n \n is not able to confirm if ...