Vancouver, British Columbia, November 10th, 2015. Newport Exploration Ltd. ("Newport" or "the Company") reports that further to the Company's August 31, 2015 news release, the Australian Tax Office ("the ATO") has issued its final private ruling on the Company's 2.5% gross-overriding petroleum royalties ("GORR") received from Beach Energy Ltd. ("Beach").
The Company has in the past received royalties with applicable taxes being paid in full to the Canadian Revenue Agency ("CRA") in accordance with advice received from tax advisors in Australia, however, Beach had requested that this arrangement be clarified by the ATO.
The Company therefore filed an Application for Private Ruling from the ATO on June 3, 2015 and, after much deliberation, the ATO has determined that taxes are to be remitted to the Australian Government on the Company's GORR for current and past royalties.
The Company has commenced the process of lodging its Australian tax returns for current and past taxes due. Once the tax payable is calculated, the Company will remit all taxes owing to the Australian Government and, will amend its Canadian tax returns applying for applicable refunds for taxes previously remitted to CRA.
The Company has also approached Beach seeking the recommencement of royalty payments due to the Company, subject to the applicable withholding rate.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Drillsearch Energy Limited in order to keep current on the exploration and development of the licences applicable to the Company's GORR.
Newport currently has 88,429,874 shares issued and outstanding with approximately $15.4 million on account.
For further information contact:
Ian Rozier, Director and Chief Executive Officer
+1 604 685 6851
info@newport‐exploration.com
www.newport-exploration.com
www.beachenergy.com.au
www.drillsearch.com
www.santos.com