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NEWPORT PROVIDES UPDATE ON GOR LICENCES
NEWPORT PROVIDES UPDATE ON GOR LICENCES Canada NewsWire Trading Symbol: NWX (TS...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n\n \n \n \n NEWPORT PROVIDES UPDATE ON GOR LICENCES\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 June 21, 2024\n \n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") provides an update for licenses in the Cooper basin,\n \n Australia\n \n , over which the Company has a 2.5% gross overriding royalty (\"GOR\"). This information was reported by Beach Energy Ltd (\"Beach\") (ASX: BPT\") in a recent \"Strategic Review Outcomes Presentation\" that covered Beach's entire Australian operations.\n \n \n \n \n \n \n \n \n \n In the Presentation Beach propose a \"Refresh\" of their strategic plan which includes their plans for their Western Flank oil exploration projects and the potential for a drilling campaign in FY26, the Western Flank is considered as being one of their catalysts for organic growth. For FY25, Beach's production outlook for the Western Flank considers a \"natural field decline of up to 40%\" while their drilling inventory is being \"refreshed\".\n \n \n As the Company is not involved in the operation of the licences over which it has the GOR, it is unable to provide any further guidance on Beach's plans for further drilling on the licences or anticipated oil production. Accordingly, the Company proposes to review its options going forward with respect to the issuance of future dividends which are based on actual quarterly GOR revenues.\n \n \n \n \n About\n \n Newport\n \n \n \n \n \n \n Newport\n \n has 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 C...