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
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
Management Strategy
The Company's Management Strategy was summarized in a Company News Release dated
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
'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
About Newport
Newport has a 2.5% GOR over permits in the
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
The Company currently has 105,579,874 common shares issued and outstanding.
Contact:
Tel: +1 604 685 6851
Email: info@newport-exploration.com
Web: www.newport-exploration.com
Cautionary Statement on Forward-Looking Information
This news release is intended to provide readers with a reasonable basis for assessing the future performance of the Company. The words 'believe', 'should', 'could', 'expect', 'anticipate', 'contemplate', 'target', 'plan', 'intends', 'continue', 'budget', 'estimate', 'may', 'will', 'schedule' and similar expressions identify forward-looking statements. Forward-looking statements may pertain to assumptions regarding Beach's drilling plans, the price of oil and fluctuations in currency markets (specifically the Australian dollar) and future dividend payments. Forward-looking statements are based upon a number of estimates and assumptions that, which are considered reasonable by the Company, are inherently subject to business, economic and competitive uncertainties and contingencies. Factors include, but are not limited to, the risk of fluctuations in the assumed prices of oil, the risk of changes in government legislation including the risk of obtaining necessary licences and permits, taxation, controls, regulations and political or economic developments in
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
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