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Newport Payment of Third Quarterly Cash Dividend in 2021
Newport Payment of Third Quarterly Cash Dividend in 2021 Canada NewsWire ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n Newport Payment of Third Quarterly Cash Dividend in 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 Sept. 10, 2021\n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to announce the payment of its third quarterly cash dividend (\"the Dividend\") in 2021 of\n \n $0.02\n \n /share, to its shareholders of record at the close of business on\n \n August 26\n \n \n th\n \n , 2021. As previously disclosed, the Company proposes to continue with the payment of quarterly dividend distributions, with the next payment scheduled for December, 2021.\n \n \n \n \n \n \n \n \n \n \n \n Management Strategy\n \n \n \n \n As reported in a Company News Release dated\n \n February 10\n \n \n th\n \n , 2021, Management's dividend strategy has enabled the Company to retain a margin of safety to maintain dividend distributions despite the sector downturn in 2020, with the option of increasing the quarterly dividend at any time, as it did in December, 2020 with the tripling of the scheduled quarterly dividend amount.  The Company's ability to return cash to shareholders is attributed to the recurring free cash flow generated by its 2.5% Gross Overriding Royalty (\"GOR\") from licences in the Cooper Basin,\n \n Australia\n \n , operated by Beach Energy Ltd (\"Beach\").\n \n \n The recent increase in the oil price has helped offset Beach's decrease in production and has enabled the Company to double the second and third quarterly dividends of 2021, with the third dividend payment made today.\n \n \n \n \n Guidance\n \n \n \n \n \n Newport\n \n has an advantageous business model with a 2.5% GOR over permits in the Cooper Basin,\n \n Australia\n \n , operated by 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...