Vancouver, British Columbia, March 4th, 2016
. Newport Exploration Ltd ("Newport" or "the Company") is pleased to report that it has received AUD$886,476, representing its after tax 2.5% gross overriding petroleum royalty ("GORR") payment for the period from November 2015 -- January 2016.
Gross royalty income for the period from November 2015 -- January 2016 was AUD$1,266,395. The net royalty payment received is less 30% Australian withholding taxes of AUD$379,919 in accordance with an Australian Tax Office ("ATO") ruling disclosed in the Company's November 10, 2015 news release.
Newport currently has CDN$11.1 million in cash and equivalents and an approximate CDN$3.1 million receivable from the Canada Revenue Agency ("CRA") for income taxes paid to the CRA prior to the ATO ruling. The Company's amended Canadian tax returns and corresponding receivable from CRA are subject to assessment by the CRA.
The Company also reports the completion of the merger between Beach Energy Limited ("Beach") and Drillsearch Energy Limited ("Drillsearch"), as announced by Beach on March 1, 2016. Drillsearch is now a wholly owned subsidiary of Beach.
The Company continues to strongly encourage shareholders and potential investors to access information release independently by Beach and Santos Ltd in order to keep current on the exploration and development of the licences applicable to the Company's GORR.
For further information contact:
Ian Rozier, Director and Chief Executive Officer
+1 604 685 6851
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, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "should", "could", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. These forward-looking statements pertain to assumptions regarding the price of oil, fluctuations in currency markets (specifically the Australian dollar and the U.S. dollar), the future funding of the Company's projects, and the future development of the Company's projects. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, which considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, the risk of fluctuations in the assumed exchange rates of currencies that directly impact the Company, such as the Canadian dollar, Australian dollar and U.S. dollar, the risk of fluctuations in the assumed prices of oil, the risk of changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, the United States, 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, including the risk of obtaining necessary licences and permits, and assumed quantities or grades of reserves. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. 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.