NEWSNews:
receipt of royalty payment announcement and more.
NEWS RELEASE Trading Symbol: NWX (TSX-V) RECEIPT OF ROYALTY PAYMENTS Vancouver, British Columbia, December 14th, 2015. Further to its news release of December 9, 2015, Newport Exploration Ltd (“Newport” or “the Company”) reports it has received AUD$3,854,980, representing its 2.5% gross overriding petroleum royalty (“GORR”) payments plus AUD $9,903 interest, for a net amount of $3,864,883 for the period from February 2015 – October 2015. Taxes withheld by Beach Energy Ltd (“Beach”) were AUD $410,962, the withholding taxes for the August 2015 - October 2015 period. The royalty payment is net of Australian withholding taxes in accordance with the Australian Tax Office (“ATO”) ruling as disclosed in the Company’s November 10, 2015 news release whereby the ATO determined that the Company is subject to a 30% Australian withholding tax for all royalty payments. Total royalty income for the period from February 2015 – October 2015 was AUD $4,265,942. Notwithstanding the receipt of the royalty payments, the Company reserves the right to continue to pursue its legal proceedings, as set out in its December 9, 2015 news release. The Company continues to strongly encourage shareholders and potential investors to access information release independently by Beach, Santos Ltd and Drillsearch Energy Ltd. in order to keep current on the exploration and development of the licences applicable to the Company’s GORR. Newport currently has 92,329,874 shares issued and outstanding with approximately $15.2 million on account. For further information contact: Ian Rozier, Director and Chief Executi