Business
Newport Receives AUD$2,692,836 (gross)/AUD$1,884,985(net) Quarterly Royalty Payment
Newport Receives AUD$2,692,836 (gross)/AUD$1,884,985(net) Quarterly Royalty Payment ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n Newport Receives AUD$2,692,836 (gross)/AUD$1,884,985(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 VANCOUVER, BC, Dec. 1, 2020\n \n \n \n \n Trading Symbol: (TSX-V: NWX)\n \n \n \n VANCOUVER, BC\n \n ,\n \n Dec. 1, 2020\n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to report its after tax 2.5% Gross Overriding Royalty (\"GOR\") payment from Beach Energy Ltd. (\"Beach\") for the August to\n \n October 2020\n \n quarter.\n \n \n \n \n \n \n \n \n \n Gross royalty income for the quarter was AUD$2,692,836. The AUD$1,884,985 payment received by\n \n Newport\n \n is net of 30% Australian withholding taxes (AUD$807,851).\n \n \n \n Newport\n \n has approximately\n \n CDN$8.6 million\n \n in its Treasury, comprised of cash, cash equivalents, and short-term investments, with no debt. As announced on\n \n November 12\n \n \n th\n \n , 2020,\n \n Newport's\n \n fourth quarterly dividend payment date is\n \n December 11\n \n \n th\n \n , 2020. After the dividend payment, the Company will have approximately\n \n CDN$5.5 million\n \n in its Treasury.\n \n \n With the success of the drilling programs conducted by Beach for both oil and gas permits over which the Company holds its 2.5% GOR, and Beach's low cost of oil production, as reported in a Company News Release dated\n \n August 20\n \n \n th\n \n , 2020, the Company anticipates continuity of production and associated royalty revenues.\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 the News Release dated\n \n November 12\n \n \n th\n \n , 2020.\n \n \n The Company continues to encourage shareholders and potential investors to access information released independently by Beach and Santos Ltd to keep current during exploration, development and potential production of all the licenses subject to the Company's GOR.\n \n \n \n Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is d...