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 Related Quotes
 Newport Exloration Ltd  0.445   0.005  1.11%
 Enter Symbols: 
Newport Doubles Fourth Quarterly Cash Dividend of 2021

Trading Symbol: NWX (TSX-V)

VANCOUVER, BC, Nov. 9, 2021 /CNW/ - Newport Exploration Ltd ("Newport" or "the Company") is pleased to announce its fourth quarterly cash dividend ("the Dividend") in 2021, of $0.02 per share to its shareholders of record at the close of business on November 24, 2021. The Dividend payment date is December 9, 2021.

The Dividend, fully approved by the Board of Directors, is not subject to any changes and has been designated as an "eligible dividend" for Canadian income tax purposes.

Increased Dividend

As stated in a Company News Release dated March 12, 2021, the Company retains the option of increasing the quarterly dividend at any time, as it did in December 2020 with the tripling of the scheduled quarterly dividend amount, and the doubling of the second, third and fourth quarterly dividends of 2021 to $0.02 per share.  The Company's strong balance sheet ensures that it has the ability to not only maintain regular $0.01 per share quarterly dividend payments, but to increase the fourth quarterly dividend for 2021 to $0.02 per share. This is being done for the benefit of all shareholders and without taking on any debt or undertaking equity financing.

Notwithstanding the doubling of the second, third and fourth quarterly dividends of 2021, the Company still retains a margin of financial safety to maintain scheduled dividend distributions.  After the payment of Newport's fourth quarterly dividend, distributions during 2021 will be $0.07 per share, or approximately 14.4% based on the current share price.

The continued increase in realized oil prices experienced by Beach Energy Ltd ("Beach") over its last quarter should help offset the decrease in production on licenses over which the Company has its 2.5% Gross Overriding Royalty ("GOR"). 

"With the high oil price having remained fairly stable over the last production quarter, and with Beach planning to drill at least three horizontal wells on our GOR leases, we feel confident enough in the future to reward shareholders with a third double dividend this calendar year", stated Ian Rozier, President and CEO of Newport.

About Newport

Newport has an advantageous business model with 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 and $4.7 million in the Treasury (comprised of cash, cash equivalents and short-term investments), and no debt. The Company expects to receive the next royalty payment from Beach prior to the dividend payment on December 9, 2021.

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.

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, future dividends, the price of oil and fluctuations in currency markets (specifically the Australian dollar). 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 Canada, Australia or other countries in which the Company carries or may carry on business in the future, risks associated with developmental activities, the speculative nature of exploration and development, and assumed quantities or grades of reserves. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements.

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.

© 2021 Newport Exploration Ltd.

SOURCE Newport Exploration Ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2021/09/c8064.html

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