NEWPORT ANNOUNCES AUD$1,034,780 (GROSS)/AUD$724,346 (NET) QUARTERLY ROYALTY INCOME & PAYMENT OF DIVIDEND

About this update from Newport Exploration Ltd

NEWPORT ANNOUNCES AUD$1,034,780 (GROSS)/AUD$724,346 (NET) QUARTERLY ROYALTY INCOME & PAYMENT OF DIVIDEND /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } NEWPORT ANNOUNCES AUD$1,034,780 (GROSS)/AUD$724,346 (NET) QUARTERLY ROYALTY INCOME & PAYMENT OF DIVIDEND Canada NewsWire Trading Symbol: NWX (TSX-V) VANCOUVER, BC , June 11, 2024 /CNW/ - Newport Exploration Ltd ("Newport" or "the Company") is pleased to report its after tax 2.5% Gross Overriding Royalty ("GOR") from Beach Energy Ltd. ("Beach") for the February 2024 – April 2024 quarter. Gross royalty income for the quarter was AUD$1,034,780 and is subject to 30% Australian withholding tax (AUD$310,434). As reported by Beach, and in a Company news release dated April 25, 2024 , Western Flank oil production during this quarter was negatively impacted by extensive rain.  Early April rains were expected to impact oil production for approximately one month while operations are restored, assuming no further weather events. Dividend Payment As announced on May 10 th , 2024, the Company has now made its $0.005 per share dividend payment to shareholders of record at May 27 th , 2024. Company Financial Status Newport has approximately CDN$1.1 million in its Treasury, comprised of cash, cash equivalents and short-term investments.  After receipt of the GOR, the Company should have approximately CDN$1.8 million in its Treasury, and no debt.  Shareholders will be advised when the Company receives its GOR payment. Newport proposes to maintain regular dividend payments to shareholders with the option to change the quarterly dividend payments from time to time.  Investors are cautioned that historical results are no guarantee of future performance. About Newport Newport has a 2.5% GOR over licences in the Cooper Basin, Australia , operated by Beach. There is no time limit or expiry date on the GOR assets, and no cost to the Company to retain them. Newport 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 acce...

View stock analysis, news, and events for Newport Exploration Ltd