OIL SEARCH IN W.A.

Press, Volume CIII, Issue 30471, 19 June 1964, Page 15

OIL SEARCH IN W.A.

French Link

With Wapet (N.Z.P. A. -Reuter—Copyright) PARIS, June 18. The French Petroleum Company announced today that its Australian subsidiary, the French Petroleum Company (Australia), Ltd., and another French company had signed an exploration agreement with the West Australian Petroleum Company, Ltd. (W.A.P.E.T.), British United Press reported. The French Petroleum Company (Australia) will search for oil in a 2900 square-mile area within the W.A.P.E.T. franchise area in Western Australia. The two French companies will, under the agreement, have half of any eventual production. Geological work in the area is to start immediately and test drillings are expected to be made early nest year. French ’Petroleum (Australia) last year concluded agreements -with two companies for exploration in areas of Queensland and South Australia. Greers Returns To Dividend

Directors of Greer Industries, Ltd., Auckland, have recommended an ordinary dividend of 2i per cent. No dividend was paid last year following a 74.5 per cent decline in net earnings. Dividend rate was lifted by 1} per cent to 4 per cent in 1962 after a 69 per cent rise in profit.