Trading Symbol: NWX (TSX-V)
VANCOUVER, BC, April 19,
2023 /CNW/ - Newport Exploration Ltd ("Newport" or
"the Company") provides a disclosure update.
It has come to the Company's attention that certain information
contained in the "Key Data" section of the Company's page on the
TMX Money website (the "Site"), as maintained by the TMX
independently of the Company, is incorrect.
The Site erroneously states that the next expected dividend
date for the Company is November 22,
2024, notwithstanding that the same Site correctly states
that the Company declares dividends on a quarterly basis.
The Company has made inquiries of TMX seeking to determine the
source of the error, which inquiries have as yet not been
sufficiently responded to, but in the interim the Company wishes to
make it clear to investors that its next dividend is to be declared
during its fiscal quarter ending July 31,
2023, which is in keeping with the regular practice of the
Company (the most recent dividend was announced February 9, 2023 and paid March 13, 2023).
At this time the Company is unable to determine whether the
incorrect information as stated on the Site was related to
irregular trading activity on March 28,
2023.
About Newport
Newport has a 2.5% Gross
Overriding Royalty ("GOR") over licences in the Cooper Basin,
Australia, operated by Beach
Energy Ltd ("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 approximately $3.2
million in the treasury (comprised of cash, cash equivalents
and short-term investments) and no debt.
www.newport-exploration.com
www.beachenergy.com.au
www.santos.com
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.
© 2023 Newport Exploration Ltd.
SOURCE Newport Exploration Ltd.