the quarter was decreased due to a one-time [we hope]shut down of some magnitude. The higher price of oil mitigated some of the decreases. In any event, management is confident the dividend of .01 per quarter is still maintained.
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("Newport" or "the Company") is pleased to report the receipt of its after tax 2.5% Gross Overriding Royalty ("GOR") payment from Beach Energy Ltd. ("Beach") for the February - April 2022 quarter. Gross royalty income for the quarter was AUD$2,193,767. The AUD$1,535,637 payment received by Newport is net of 30% Australian withholding tax (AUD$658,130). Company Financial Status
Newport has approximately CDN$5.6 million in its Treasury, comprised of cash, cash equivalents and short-term investments. As announced on May 10th, 2022, Newport's second quarterly dividend payment date for 2022 is June 9th, 2022. After the dividend payment, the Company will have approximately CDN$3.5 million in its Treasury, and no debt.
The Company has a strong balance sheet and management is confident in its ability to maintain regular quarterly dividend payments as committed to in its News Release dated December 10th, 2019.
Management Strategy
The Company's Management Strategy was summarized in a Company News Release dated February 10th, 2021.
Newport proposes to maintain regular dividend payments to shareholders with the option of increasing quarterly payments at any time, as it has with the payment to be made on June 9th. Investors are cautioned that historical results are no guarantee of future performance.
"As previously disclosed by the Company, as a result of flooding in late January, Beach demobilized its rigs in the Western Flank during February, which resulted in a reduction of oil shipments and sales from the Bauer field during the period. The royalty payment thus effectively represents approximately two months of sales in the Quarter. We anticipate an increase in sales for the next quarter with operations recommencing", stated Ian Rozier, President and CEO of Newport.
About NewportNewport has a 2.5% GOR over permits in the Cooper Basin, Australia, operated by 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.'