Royalty NEWSNEWS RELEASE
Trading Symbol: NWX (TSX-V) ROYALTY UPDATE
Vancouver, British Columbia, June 2nd, 2016. Newport Exploration Ltd (“Newport” or “the Company”) reports that it has received AUD$620,541, representing its after tax 2.5% gross overriding petroleum royalty (“GORR”) payment for the period from February 2016 – April 2016. This corresponds to the period with some of the lowest oil prices over the last five years.
Gross royalty income for the period from February 2016 – April 2016 was AUD$886,487. The royalty payment received is net of 30% Australian withholding taxes (AUD$265,946) in accordance with an Australian Tax Office (“ATO”) ruling disclosed in the Company’s November 10, 2015 news release.
Newport currently has CDN$12.4 million in cash, cash equivalents and short term-investments and an approximate CDN$2.2 million receivable from the Canada Revenue Agency (“CRA”) for Canadian income taxes paid prior to the ATO ruling. The Company’s amended Canadian tax returns and corresponding receivable are subject to assessment by the CRA.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach Energy Ltd and Santos Ltd in order to keep current on the exploration and development and production of the licences applicable to the Company’s GORR.
For further information contact: Ian Rozier, Director and Chief Executive Officer +1 604 685 6851