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Newport Receives AUD$1,433,853 Net Quarterly Royalty Payment, Gas Potential and Corporate Update
Newport Receives AUD$1,433,853 Net Quarterly Royalty Payment, Gas Potential and Corporate ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n\n\n\nNewport Receives AUD$1,433,853 Net Quarterly Royalty Payment, Gas Potential and Corporate Update\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\nCanada NewsWire\nVANCOUVER, March 6, 2019\n\n\n\nTrading Symbol: NWX (TSX-V)\n VANCOUVER, March 6, 2019 /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to report that it has received its after tax 2.5% Gross Overriding Royalty (\"GOR\") payment from Beach Energy Ltd. (\"Beach\") for the three-month period November 2018 to January 2019. \n\n \n \n\n \nGross royalty income for the period was AUD$2,048,362. The payment received by Newport of AUD$1,433,853 is net of 30% Australian withholding taxes (AUD$614,509) in accordance with the Australian Tax Office. Additionally, the Company has received $157,066 from the exercise of 1,121,900 share purchase warrants and now has 104,185,774 common shares issued and outstanding and approximately CDN$7 million in the Treasury.\nThe Company has been able to return special dividends to its shareholders of between 15% and 25% for the previous four years and most shareholders now regard the Company as a 'dividend stock' with an expectation of an annual dividend. With the increasing diversity of production from the various GOR permits, and dependent upon their maturity profile, the Company may consider making quarterly dividends. \nNewport has GOR interests in several oil and gas assets in Australia other than ex PEL 91, ex PEL 106 and the Udacha Block that are currently producing. The Company has held these interests since 1998 and, as it believed in the potential for oil discoveries for over 15 years before the recent success, Management believes that the gas potential of the permits may also be realized (Company News Release dated February 14, 2019). Industry research reports such as those issued by JP Morgan and RBC, along with recent disclosure by Beach on gas production from the GOR permits, further vindicates Managements' long held belief in their gas potential. The potential for gas is being explored by Beach and Santos Ltd (\"Santos\"), Austr...