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Newport Receives AUD$2,276,680 (gross)/AUD$1,593,676 (net) Quarterly Royalty Payment
Newport Receives AUD$2,276,680 (gross)/AUD$1,593,676 (net) Quarterly Royalty Payment ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n Newport Receives AUD$2,276,680 (gross)/AUD$1,593,676 (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 VANCOUVER, BC\n \n ,\n \n Nov. 30, 2021\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 August 2021\n \n –\n \n October 2021\n \n quarter. Gross royalty income for the quarter was AUD$2,276,680. The AUD$1,593,676 payment received by\n \n Newport\n \n is net of 30% Australian withholding taxes (AUD$683,004).\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$6.0 million\n \n in its Treasury, comprised of cash, cash equivalents and short-term investments, with no debt. As announced on\n \n November 9\n \n \n th\n \n , 2021,\n \n Newport's\n \n fourth quarterly dividend payment date for 2021 is\n \n December 9\n \n \n th\n \n , 2021. After the dividend payment, the Company will have approximately\n \n CDN$3.9 million\n \n in its Treasury, and no debt.\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. Notwithstanding the doubling of the second, third and fourth quarter 2021 dividends, the Company still retains a margin of financial safety to maintain scheduled dividend distributions.\n \n \n \n \"As anticipated, the continued decrease in production from the Bauer Field has had a negative impact on the GOR.  However, with up to 15 oil exploration wells planned on the Western Flank, we remain optimistic about the potential for future drilling success on our GOR licenses and look forward to Beach's next drilling results\",\n \n stated\n \n Ian Rozier\n \n , President and CEO of\n \n Newport\n \n .\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 permits in the Cooper Basin,\n \n Australia\n \n , oper...