Newport Receives AUD$3,364,809 (Gross)/AUD$2,355,366 (Net) Quarterly Royalty Payment
VANCOUVER, June 2, 2020 /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 February to April 2020 quarter.
Gross royalty income for the quarter was AUD$3,364,809. The AUD$2,355,366 payment received byNewport is net of 30% withholding taxes (AUD$1,009,443) in accordance with the Australian Tax Office.
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 its low cost of oil production, as reported in a Company News Release dated April 22nd, 2020, the Company anticipates continuity of production and associated royalty revenues.
Newport has approximately CDN$8 million in its Treasury, comprised of cash, cash equivalents, and short-term investments, with no debt. As announced on May 13th, 2020, Newport's second quarterly dividend payment date is June 10th, 2020. After the dividend payment, the Company will have approximately CDN$6.9 million in its treasury.
The Company has a strong balance sheet and management is confident in its ability to maintain regular quarterly dividend payments as committed to in a News Release dated December 12th, 2019.
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.
www.newport-exploration.com
www.beachenergy.com.au
www.santos.com
https://www.newswire.ca/news-releases/newport-receives-aud-3-364-809-gross-aud-2-355-366-net-quarterly-royalty-payment-824737506.html