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NEWPORT RECEIVES AUD$2,193,767 (GROSS)/AUD$1,535,637 (NET) QUARTERLY ROYALTY PAYMENT.
NEWPORT RECEIVES AUD$2,193,767 (GROSS)/AUD$1,535,637 (NET) QUARTERLY ROYALTY PAYMENT. ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n NEWPORT RECEIVES AUD$2,193,767 (GROSS)/AUD$1,535,637 (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 1, 2022\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 February -\n \n April 2022\n \n quarter. Gross royalty income for the quarter was AUD$2,193,767. The AUD$1,535,637 payment received by\n \n Newport\n \n is net of 30% Australian withholding tax (AUD$658,130).\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$5.6 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 , 2022,\n \n Newport's\n \n second quarterly dividend payment date for 2022 is\n \n June 9\n \n \n th\n \n , 2022. After the dividend payment, the Company will have approximately\n \n CDN$3.5 million\n \n in its Treasury, and no debt.\n \n \n The Company has a strong balance sheet and management is confident in its ability to maintain regular quarterly dividend payments as committed to in its News Release dated\n \n December 10\n \n \n th\n \n , 2019.\n \n \n \n \n Management Strategy\n \n \n \n \n The Company's Management Strategy was summarized in a Company News Release dated\n \n February 10\n \n \n th\n \n , 2021.\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, as it has with the payment to be made on\n \n June 9\n \n \n th\n \n . Investors are cautioned that historical results are no guarantee of future performance.\n \n \n \n \"As previously disclosed by the Company, as a result of flooding in late January, Beach demobilized its rigs in the Western Flank during February, which resulted in a reduction of oil shipments ...