NEWPORT RECEIVES AUD$1,313,725 (GROSS)/AUD$919,608 (NET) QUARTERLY ROYALTY PAYMENT

About this update from Newport Exploration Ltd

[{"type":"text","content":"\n \n \n \n NEWPORT RECEIVES AUD$1,313,725 (GROSS)/AUD$919,608 (NET) QUARTERLY ROYALTY PAYMENT\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 2, 2023\n \n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to report the receipt of its after tax 2.5% Gross Overriding Royalty (\"GOR\") payment from Beach Energy Ltd. (\"Beach\") for the\n \n February 2023\n \n –\n \n April 2023\n \n quarter. Gross royalty income for the quarter was AUD$1,313,725. The AUD$919,608 payment received by\n \n Newport\n \n is net of 30% Australian withholding tax (AUD$394,117).\n \n \n \n \n \n \n \n \n \n \n \n Company Financial Status\n \n \n \n \n \n Newport\n \n has approximately\n \n CDN$3.8 million\n \n in its Treasury, comprised of cash, cash equivalents and short-term investments. As announced on\n \n May 10\n \n \n th\n \n , 2023,\n \n Newport's\n \n second quarterly dividend payment date for 2023 is\n \n June 12\n \n \n th\n \n , 2023. After the dividend payment, the Company will have approximately\n \n CDN$2.8 million\n \n in its Treasury, and no debt.\n \n \n \n Newport\n \n proposes to maintain regular dividend payments to shareholders with the option of increasing quarterly payments at any time.  Investors are cautioned that historical results are no guarantee of future performance.\n \n \n \n \n About\n \n Newport\n \n \n \n \n \n \n Newport\n \n has a 2.5% GOR over licences 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 Company recommends that shareholders and potential investors access material information relevant to the Company as released independently by Beach and Santos Ltd in order to keep current during exploration,...

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