Newport Exploration (TSE:NWX) has released an update.
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Newport Exploration Ltd has halved its quarterly dividend to $0.005 per share due to uncertainties in cash flow from its Gross Overriding Royalty (GOR) licences and a reduction in production forecasts by operator Beach Energy. The company’s board has decided to postpone the next dividend payment until Beach announces its future operational plans. Newport’s financials are influenced by global oil prices and production decisions by Beach, over which it has no control.
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