Newport announces second quarterly cash dividend

About this update from Newport Exploration Ltd

[{"type":"text","content":"\n\n\n\nNewport announces second quarterly cash dividend\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\nCanada NewsWire\nVANCOUVER, May 13, 2020\n\n\n\nTrading Symbol: NWX (TSX-V)\n VANCOUVER, May 13, 2020 /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to announce its second quarterly cash dividend (\"the Dividend\") of $0.01 per share to its shareholders of record at the close of business on May 28th, 2020. The Dividend payment date is June 10th, 2020.\n\n \n \n \n \n \n \n\n \nThe 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.\nManagement believes that based on Beach Energy Ltd.'s (\"Beach\") recent exploration success, development of the licenses in the Cooper Basin over which the Company has its 2.5% Gross Overriding Royalty (\"GOR\"), and their reported production costs as previously reported by the Company (News Releases dated March 30th and April 22nd, 2020), shareholders should continue to be rewarded with dividend continuity.\nAmid signs that the oil market is beginning to rebound from the unprecedented economic impact of Covid-19, many companies are struggling with heavy net debt loads and have stated that they will not be paying dividends this year, or will be paying them at a much lower level. As reported in a Company news Release dated March 10th, 2020, the Company's strong balance sheet ensures that Newport has the ability to maintain regular quarterly dividend payments with a reduced likelihood that the quarterly dividend payout would be cut during any sector downturn.\nDespite the recent unprecedented plunge in oil prices, Newport shareholders have escaped the market downturn relatively unscathed. Although the Company is not immune from the effects of the Covid-19 pandemic and the global oil price collapse, management is confident that the Company will be able to maintain dividend payments in 2020 without taking on any debt or undertaking any equity financings. Investors are cautioned that historical resu...

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