OIL AT MOONIE No. 9

Press, Volume CI, Issue 29972, 6 November 1962, Page 23

OIL AT MOONIE No. 9

Daily Flow Of 1130 Barrels (N.Z, Press Assn.—Copyright) SYDNEY, Nov. 5. Oil has been struck at the Union-Kern-A.O.G. Moonie No. 9 well in Queensland. This makes a record of nine holes and nine strikes for the group. A drill stem test was taken early today at 5800 ft to 5831 ft. During the 40-minute test the well flowed at a daily rate of 1130 barrels of 45 gravity oil. Water at a rate of 130 barrels and a daily rate 'f 120,000 cubic feet of gas also was recorded. The well will be drilled and cored ahead of basement rock and casing will be run and cemented in the hole. Production teats will follow. A.E.I. Confidence In N.Z. (N.Z. Press Association) WELLINGTON, November 5 The expenditure of £300.000 on new stores and offices in Wellington and Auckland was an expression of his company's confidence in the future of New Zealand, said the managing director of Associated Electrical Industries (Export), Limited. Mr F. R. Mason, on his arrival in Wellington. Mr Mason is visiting New Zealand after attending the World Power Conference in Melbourne. In the last seven years, said Mr Mason, his company’s NewZealand staff had increased from one to sixty-five. Now its Wellington building would open about May and the Auckland building in September or October. With 40 per cent, of its population under 21, with tremendous sources of cheap hydro power and with the projected development of natural gas. New Zealand had an assured future, said Mr Mason. Northern Steam Dividend Up "The Press' Special Service AUCKLAND, November 3. The Northern Steam Ship Company, Ltd., Auckland, has declared an interim dividend of 2} per cent, on capital increased by the one-for-two bonus issue. Total payment last year was 8 per cent. The dividend is payable on December 4, the shares becoming ex dividend on November 21. New Victorian Flotation Stafford - EUanson Consolidated Ltd, Victorian clothing manufacturers, will make a public issue at 470,000 ordinary 5s shares at par, underwritten by Edward Ward and Company, Melbourne Stock Exchange members. The prospects for the issue will be registered about the beginning of next month and will indicate dividends of not lees than 8 per cent a year. Listing will be sought on the Melbourne Stock Exchange and the underwriters have taken the whole of the issue firm. The issue will raise £118.750 and lift paid capital to £300,000.

B.N.Z. Changes Mr N. J. MacCfibbon, who had been chief inspector of the Bank of New Zealand, win retire at the end of this year after 41 years’ service. His retirement will cause a number of consequential top level staff changes at head office. Mr J. F. Earnshaw, at present senior inspector, and Mr J. S. Shaw, chief accountant, are to be joint chief inspectors, and Mr S. C. Haybittie is to be senior inspector.