JOINT OIL SEARCH

Press, Volume CIII, Issue 30405, 2 April 1964, Page 17

JOINT OIL SEARCH

U.S. Venture In W.A.

(N.Z.P. A .-Reuter— Copyright) PHILADELPHIA (Pennsylvania), April 1.

A joint agreement for oil and gas exploration in Western Australia has been reached by the Sun Oil Company and the Continental Oil Company, of Philadelphia. Sun Oil’s foreign operations director (Mr Ted Stauffer), disclosed in announcing the agreement that the search would be made in the Fitzroy and Carnarvon basins of Western Australia. The Sun-Continental venture would be handled in Australia by Wapet Company on two exploration licences, Mr Stauffer said. It will cover 11,500 square miles in the Fitzroy Basin and 34,000 square miles in the Carnarvon Basin. Sun and Continental will gain a 50 per cent interest in these two licences for work involving drilling in both basins.

Exploration and drilling was expected to extend over the next three years, Mr Stauffer added.

Easywear Plans Public Issue Easywear Ltd., which is making a public issue of 500,000 ordinary 5s shares at 6s 3d a share, expects to pay 10 per cent dividends, directors say in the prospectus.

The company, which makes plastic and rubber rainwear and footwear, has been admitted to the official list of the Melbourne Stock Exchange. Adjusted consolidated net profit for 1962-63 fell by £13,546 to £76,534, equal to 15.3 per cent to the proposed paid capital of £500,000.