Gross royalty income for the quarter was AUD$3,052,797. The AUD$2,136,958 payment received by Newport is net of 30% Australian withholding taxes (AUD$915,839).
Company Financial Status
Newport has approximately
The Company has a strong balance sheet and management is confident in its ability to maintain regular quarterly dividend payments. Investors are cautioned that historical results are no guarantee of future performance.
Management Strategy
The Company's management Strategy was summarized in a Company News Release dated
'We remain optimistic about the potential for future drilling success in ex-PEL 91 and look forward to Beach's next drilling results. As anticipated, with respect to the GOR, the continued decrease in production from the Bauer Field has been offset by the increase in oil prices', 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
Contact:
Tel: +1 604 685 6851
Email: info@newport-exploration.com
Web: www.newport-exploration.com
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, 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
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