Business
NEWPORT ANNOUNCES SECOND QUARTERLY CASH DIVIDEND OF 2022
NEWPORT ANNOUNCES SECOND QUARTERLY CASH DIVIDEND OF 2022 Canada NewsWire ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n NEWPORT ANNOUNCES SECOND 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 May 10, 2022\n \n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to announce its second quarterly cash dividend (\"the Dividend\") in 2022 of\n \n $0.02\n \n per share to its shareholders of record at the close of business on\n \n May 25\n \n \n th\n \n , 2022. The Dividend payment date is\n \n June 9\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.After after payment of the\n \n $0.02\n \n dividend on\n \n June 9\n \n \n th\n \n ,\n \n Newport\n \n will have paid a total of\n \n $0.07\n \n dividends per share to shareholders during its Fiscal Year ended\n \n July 31, 2022\n \n .\n \n \n \n \"With the sustained increase in the oil price over the last three months, management felt that this should be reflected in the quarterly dividend to shareholders. With two new wells brought online during Beach's latest quarter, and three more wells to be brought online during its next quarter, we anticipate an increase in reserves and the continued reduction of previously anticipated field decline rates\"\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 ...