Le Lézard
Classified in: Mining industry, Oil industry

NEWPORT PROVIDES UPDATE ON GOR LICENCES


Trading Symbol: NWX (TSX-V)                                                       

VANCOUVER, BC, June 21, 2024 /CNW/ - Newport Exploration Ltd ("Newport" or "the Company") provides an update for licenses in the Cooper basin, Australia, over which the Company has a 2.5% gross overriding royalty ("GOR"). This information was reported by Beach Energy Ltd ("Beach") (ASX: BPT") in a recent "Strategic Review Outcomes Presentation" that covered Beach's entire Australian operations.

In the Presentation Beach propose a "Refresh" of their strategic plan which includes their plans for their Western Flank oil exploration projects and the potential for a drilling campaign in FY26, the Western Flank is considered as being one of their catalysts for organic growth. For FY25, Beach's production outlook for the Western Flank considers a "natural field decline of up to 40%" while their drilling inventory is being "refreshed".

As the Company is not involved in the operation of the licences over which it has the GOR, it is unable to provide any further guidance on Beach's plans for further drilling on the licences or anticipated oil production. Accordingly, the Company proposes to review its options going forward with respect to the issuance of future dividends which are based on actual quarterly GOR revenues.

About Newport

Newport has a 2.5% Gross Overriding Royalty ("GOR") over permits 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 $1.8 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 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 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.

© 2024 Newport Exploration Ltd. 

SOURCE Newport Exploration Ltd.


These press releases may also interest you

at 03:05
AMERICAN SALARS LITHIUM INC. ("AMERICAN SALARS" OR THE "COMPANY") announces it has adopted a formal Environmental Social Governance ("ESG") policy ahead of continued development of its Pocitos 1 Lithium Salar ("Pocitos 1") and the Candela 2 Lithium...

at 03:00
Fastmarkets, one of the industry's leading cross-commodity price reporting agencies (PRA), announced today that it has completed its annual review of its adherence to the International Organization of Securities Commissions (IOSCO) Principles for its...

at 02:00
Bedford Metals Corp. (the "Company" or "Bedford") is pleased to announce the results of its VNIR (Visible Near Field Infrared) and SWIR (Shortwave Infrared) satellite investigation at the Close Lake Uranium Project in the Athabasca Basin,...

at 00:00
Advanced Technology Services, Inc. (ATS) today announced that Raj Batra has been appointed to the company's advisory board effective June 2024. Batra's career includes more than 30 years of technology and industrial sector leadership roles at...

15 jui 2024
Alaska Energy Metals Corporation ("AEMC" or the "Company") today announced that it has filed a prospectus supplement dated July 15, 2024 (the "Prospectus Supplement") to its short form base shelf prospectus dated...

15 jui 2024
Rio Tinto released its operations review for the second quarter ending June 30, 2024, which included Iron Ore Company of Canada (IOC) production and sales information. Specifically, Rio Tinto announced that in the second quarter of 2024, IOC had...



News published on and distributed by: