Newport Exploration (NWX-V) Sept 3rd 2019 has received its after-tax 2.5-per-cent gross overriding royalty (GOR) payment from Beach Energy Ltd. for the three-month period May, 2019, to July, 2019. Gross royalty income for the period was AUD$3,170,333. The payment received by Newport of AUD$2,219,233 is net of 30% Australian withholding taxes (AUD$951,100).
The increase in net royalty income from AUD$1.66 million to AUD$2.22 million reflects the increased production and drilling success on permits and licenses in the Cooper Basin, Australia, over which the Company has its GOR (Company News Release dated July 24th, 2019), and the record production from the Bauer field (Company News Release dated August 21st, 2019).
Newport has approximately CDN$9.7 million in the Treasury, comprised of cash, cash equivalents, and short-term investments.
With the aggressive drilling and development program planned by Beach for both oil and gas permits (see Beach News Release dated August 19th, 2019), the Company has built in exposure to significant potential growth at zero risk to shareholders as there is no time limit or expiry date on the GOR assets, and no cost to retain them.
The Company continues to strongly 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this news release.
For further information contact:
Ian Rozier, Director and Chief Executive Officer
+1 604 685 6851
info@newport-exploration.com
www.newport-exploration.com
www.beachenergy.com.au
www.santos.com |
