Newport Doubles Third Quarterly Cash Dividend of 2021

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[{"type":"text","content":"\n \n \n \n Newport Doubles Third Quarterly Cash Dividend of 2021\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 Aug. 11, 2021\n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to announce its third quarterly cash dividend (\"the Dividend\") in 2021, of\n \n $0.02\n \n per share to its shareholders of record at the close of business on\n \n August 26, 2021\n \n . The Dividend payment date is\n \n September 10, 2021\n \n .\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 Increased Dividend\n \n \n \n \n As stated in a Company News Release dated\n \n March 12, 2021\n \n , the Company retains the option of increasing the quarterly dividend at any time, as it did in\n \n December 2020\n \n with the tripling of the scheduled quarterly dividend amount, and the doubling of last quarter's dividend to\n \n $0.02\n \n per share. The Company's strong balance sheet ensures that it has the ability to not only maintain regular\n \n $0.01\n \n per share quarterly dividend payments, but to increase the third quarterly dividend for 2021 to\n \n $0.02\n \n per share. This is being done for the benefit of all shareholders and without taking on any debt or undertaking equity financing.\n \n \n Notwithstanding the doubling of the second and third quarter dividends of 2021, the Company still retains a margin of financial safety to maintain scheduled dividend distributions.\n \n \n The continued increase in realized oil prices experienced by Beach Energy Ltd (\"Beach\") over its last quarter, should help offset the decrease in production on licenses over which the Company has its 2.5% Gross Overriding Royalty (\"GOR\").  The Company awaits the results of the first wells drilled as part of Beach's FY22 drilling program.\n \n \n \n \n About\n \n Newport\n \n \n \n \n \n \n Newport\n \n has a...

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