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.
Increased Dividend
As stated in a Company News Release dated
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
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
About Newport
Newport has an advantageous business model with 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 and
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 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
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
SOURCE
© Canada Newswire, source