here is conformation of dividend to be paid nowand stated a plan for a similar dividend next quarter. Still possible for the next quarterly payout to be increased if higher oil/gas prices are realized.
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Newport Exploration Ltd ("Newport" or "the Company") is pleased to announce the payment of its first quarterly cash dividend ("the Dividend") in 2022 of $0.01/share, to its shareholders of record at the close of business on February 23rd, 2022. As previously disclosed, the Company proposes to continue with the payment of quarterly dividend distributions, with the next payment scheduled for June, 2022. After payment of the Dividend, Newport has approximately CDN$4.5 million in its Treasury, comprised of cash, cash equivalents and short-term investments, and no debt.
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