Bid By Texas Oil Firm Refused
(New Zealand Press Association)
HAMILTON, March 18.
A take-over bid by a Texas oil firm for the oil and gas drilling rights covering 405 square miles of land in the lower Waikato basin has failed.
The bid was made by Republic Mineral Corporation, of Houston, Texas, to Messrs T. C. Orr and J. E. Knight earlier this year, but a decision to refuse the offer was made today. The American company proposed to begin drilling “almost immediately” with an exploratory programme involving geological and geophysical work and culminating in a five well programme.
production proceeds. “But we are now seriously considering forming a syndicate or company to complete a survey of the area and to develop the resources,” he said. Mr Orr slid that a D.S.I.R. survey had shown that the gas flow at Horotiu could be seeping from a large reservoir in the middle of their area.
“We were made a substan. tial offer for the drilling, exploration and development rights to the area which stretches from south of Hamilton to just north of Te Kauwhata,” Mr Orr said. “The offer involved the company in spending a large sum of money on an exploratory programme and thereafter giving myself and Mr Knight a percentage of the
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Press, Volume CIX, Issue 31941, 19 March 1969, Page 16
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213Bid By Texas Oil Firm Refused Press, Volume CIX, Issue 31941, 19 March 1969, Page 16
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