Trading Symbol: NWX (TSX-V)
VANCOUVER,
BC, May 10, 2024 /CNW/ - Newport Exploration
Ltd ("Newport" or "the Company") is pleased to announce its second
quarterly cash dividend ("the Dividend") in 2024 of $0.005 per share to its shareholders of record at
the close of business on May
27th, 2024. The Dividend payment date is
June 11th, 2024.
The Dividend, fully approved by the Board of
Directors, is not subject to any changes and has been designated as
an "eligible dividend" for Canadian income tax purposes.
About Newport
Newport has a
2.5% Gross Overriding Royalty ("GOR") over permits in the Cooper
Basin, Australia, operated by
Beach Energy Ltd ("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 access material information relevant to the
Company as released independently by Beach and Santos Ltd in order
to keep current during exploration, development and potential
production of all the licences subject to the Company's GOR. The
Company receives its GOR from Beach, which is not a reporting
issuer in Canada, therefore
Newport is not able to confirm if
the disclosure satisfies the requirements of NI 51-101 - Standards
of Disclosure for Oil and Gas Activities, or other requirements of
Canadian securities legislation.
The Company currently has 105,579,874 common
shares issued and outstanding and approximately $1.8 million in the Treasury (comprised of cash,
cash equivalents and short-term investments), and no debt. The
Company expects to receive the next royalty payment from Beach
prior to the dividend payment on June
11th, 2024.
www.newport-exploration.com
www.beachenergy.com.au
www.santos.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the accuracy or
adequacy of this news release.
Cautionary Statement on
Forward-Looking Information
This news release is intended to provide readers
with a reasonable basis for assessing the future performance of the
Company. The words "believe", "should", "could", "expect",
"anticipate", "contemplate", "target", "plan", "intends",
"continue", "budget", "estimate", "may", "will", "schedule" and
similar expressions identify forward-looking statements.
Forward-looking statements may pertain to assumptions regarding the
price of oil and fluctuations in currency markets (specifically the
Australian dollar) and future dividend payments. Forward-looking
statements are based upon a number of estimates and assumptions
that, which are considered reasonable by the Company, are
inherently subject to business, economic and competitive
uncertainties and contingencies. Factors include, but are not
limited to, the risk of fluctuations in the assumed prices of oil,
the risk of changes in government legislation including the risk of
obtaining necessary licences and permits, taxation, controls,
regulations and political or economic developments in Canada, Australia or other countries in which the
Company carries or may carry on business in the future, risks
associated with developmental activities, the speculative nature of
exploration and development, and assumed quantities or grades of
reserves. Readers are cautioned that forward-looking statements are
not guarantees of future performance. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those acknowledged
in such statements.
The Company disclaims any intention or obligation
to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise, except to
the extent required by applicable laws.
SOURCE Newport Exploration Ltd.