PLANET OIL CO. MOVE
Issue Of 8m 5s Shares (N.Z. Press Association) MELBOURNE, Dec. 12. Planet Oil Co., N.L., in which Colonial Sugar will have a substantial interest, will join the public list early next year after an issue of 8m 5s shares at par. The shares will be payable Is on application, Is on June 13, 1962, and the balance of 3s in calls at intervals of not less than three months, if required. The prospectus, which is expected to be lodged in late January or early February, will show that Colonial Sugar Refining Co.—backing the new company—will initially apply for 400.000 shares but will have an option over 30 per cent, of the company’s issued capital for five years. Substantial Interests Planet Oil Co. will hold substantial interests in permits in six sedimentary basins in Queensland, New South Wales and Victoria. A programme of seismic survey work and the drilling of about 10 wells is proposed in the permit areas. The company will also participate in joint ventures in areas held by other companies. The issue will be underwritten by several broking houses in Brisbane, Sydney and Melbourne, and the shares will be listed in all States.
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Bibliographic details
Press, Volume C, Issue 29695, 13 December 1961, Page 21
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199PLANET OIL CO. MOVE Press, Volume C, Issue 29695, 13 December 1961, Page 21
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