Vancouver, British Columbia, March 2nd, 2020. Newport Exploration Ltd ("Newport" or "the Company") is pleased to report its after tax 2.5% Gross Overriding Royalty ("GOR") payment from Beach Energy Ltd. ("Beach") for the November 2019 to January 2020 quarter.
Gross royalty income for the quarter was AUD$3,602,465. The AUD$2,521,726 payment received by Newport is net of 30% withholding taxes (AUD$1,080,739) in accordance with the Australian Tax Office.
Newport has approximately CDN$7.2 million in its Treasury, comprised of cash, cash equivalents, and short-term investments.
With the success of the drilling programs conducted by Beach for both oil and gas permits over which the Company holds its 2.5% GOR, increased production in the Bauer field, and plans for exploration and development in FY2020, as reported in a Company News Release dated February 11th, 2020, the Company anticipates continuity of production and associated royalty revenues. The Company has a strong balance sheet with no debt and management is confident in its ability to maintain regular quarterly dividend payments as committed to in a News Release dated December 12th, 2019. As announced on February 10th, 2020, Newport's first quarterly dividend payment date is March 9th, 2020.
The Company continues to encourage shareholders and potential investors to access information released independently by Beach and Santos Ltd to keep current during exploration, development and potential production of all the licenses subject to the Company's GOR.