Trading Symbol: NWX (TSX-V)
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.After after payment of the
"With the sustained increase in the oil price over the last three months, management felt that this should be reflected in the quarterly dividend to shareholders. With two new wells brought online during Beach's latest quarter, and three more wells to be brought online during its next quarter, we anticipate an increase in reserves and the continued reduction of previously anticipated field decline rates", stated
Newport has an advantageous business model with a 2.5% Gross Overriding Royalty ("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 and approximately
Neither the
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 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.
© 2022 Newport Exploration Ltd.
SOURCE
© Canada Newswire, source