PHILLIPS OIL PRODUCTS
Petrol Launched In Australia
Phillips Oil Products, Ltd., has launched its petrol and oils on the Australian market in south-east Queensland and northern New South Wales.
The company is expected to be operating profitably by the end of the year, the chairman, Sir Arthur Fadden. says.
It has built a six million gallon terminal and a number of service stations. Phillips plans to move into other areas as soon as it is economic to do so. Phillips Petroleum, with the Sunray Mid-Continent Oil Company, holds oil exploration rights over 27 million acres in Australia.
They hold extensive rights surrounding Moonie fields and plan to drill as soon as they have the necessary geophysical information.
Loan To Motels Of Australia « Mercantile Credits. Ltd., Sydney, has agreed to lend £509 000 at current mortgage rates to Motels of Australia. Ltd. The loan is repayable in quarterly instalments over nine years. Under the agreement. Mercantile Credits will also subscribe for 400.000 Motels of Australia shares at 2s 3d premium. The shares have now been issued as paid to 3d with full premium, and the balance of 4s 9d a share will be called on June 30. Mr W. M. Thompson, general manager of Mercantile Credits, has joined the board of Motels of Australia. Westgrove No 2 Has Gas Flow The chairman of the Associated group (Mr E. N. Avery) said in Sydney that Westgrove No 2 well had produced gas at the rate of 1.3 million cubic feet a day The flow was measured through a 5-16 in choke, during a 40-minute straddle packer test of the interval between 2859 and 2990 feet. The result of the test on this one sand warranted the running of casing and production testing when drilling was completed, Mr Avery said. Business Personal Mr Leyden Baker has been appointed chairman of directors of the Christchurch Building and Land Society in succession to Mr W S. MacGibbon. who was a director since 1936 and chairman since 1960. Mr A. D. Harman has been appointed deputychairman. Joseph NaOum.—lnterim Dividend. 21 per eent• payable Mav M „ Total dividend teat year was per sent.
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Bibliographic details
Press, Volume CI, Issue 29830, 24 May 1962, Page 17
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356PHILLIPS OIL PRODUCTS Press, Volume CI, Issue 29830, 24 May 1962, Page 17
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