No Sign Of Oil Or Gas In Hamilton Bores

Press, Volume CIII, Issue 30481, 1 July 1964, Page 12

No Sign Of Oil Or Gas In Hamilton Bores

(New Zealand Press Association)

AUCKLAND, June 30.

The . three oil wells drilled in the Hamilton area by New Zealand Petroleum Exploration Company, Ltd., cost about £107,150,. say the directors in their annual report. No indication of oil or gas was found in any of the bores, the report says. The company considered the area had been properly tested. The Puketaha No. 1 bore cost £52,150, River ’road No. 1 £19.650, and Te Rapa No. 1 £35,350.

Finance ■ for the , drilling came initially from a consortium of'American, oil and engineering companies in return for a share in the Hamilton basin.

“However, as one of the oil companies wished to retire from the consortium after the drilling of River road No. 1 our company took over the share of the retiring member of the consortium for a payment of £17,857.

“When' the accounts of theconsortium have been finalised our company should receive £26,780 in cash and materials from the consortium as its share of the funds not used. The materials will no doubt be used in the Southland drilling programme,” ' Discussing other prospective search areas, the directors say that two basins in Southland appeared encouraging and negotiations had begun with major oil companies- for drilling the areas.-

Seismic surveys in Southland had Cost about £170.000 so far. Gravity surveys only have been made in Westland and seismic work had been delayed pending further geological studies.

No further work had been done in the company’s areas on the east coast, South Island, because it was felt they must be subordinate to the larger areas meatawhile.