OIL TESTS ‘PROMISING’

Press, Volume CIX, Issue 32166, 9 December 1969, Page 25

OIL TESTS ‘PROMISING’

Maui 2 Well Now Drilled N.Z. Press Association WELLINGTON, Dec. 8. Shell, BP and Todd Oil Services said today that the final depth had been reached in their Maui No. 2 well, at 11,700 ft All the logging programme was finished and operations were in hand to prepare the well for production testing. A spokesman said the consortium expected to know by Friday whether it had gas, condensate, or crude oil. At present all that is known about the well is that it contains traces of hydrocarbons. The last in a series of tests, which were starting now would determine whether the hydrocarbons found at certain zones indicated the presence of crude oil, natural gas, or gas condensate, the spokesman said. “This last test should tell us quantity and quality, but at tile moment tilings look reasonably promising.”

Bankers Quiet On Gold Talks

IN.Z.P.A.-Reuter—Copyright) BASLE, December 8. Leading Western central bankers refused to comment on the outcome of their threehour talks in Basle yesterday on the future price and role of free market gold. European monetary sources do not believe the bankers will reach formal agreement on the gold question until the 10-day tour of the United States Treasury Secretary (Mr David Kennedy) in Europe is over. They expect the abrupt decline of the gold price to feature in Mr Kennedy’s talks with European financial leaders. The week-end’s further decline brought the free gold price down to 5U535.20 an ounce, only a fraction above the official rate at which international monetary transactions are carried out. The price peaked at BUS 4- early this year. News In Brief Loss Trebled Wilkins “Continuous” Wallboards, Xtd, the Christchurch plasterer, has recorded a loss for the second successive year. For the year to March 31, 1969, the company lost $16,760, more than three times as much as in the previous year. Dividends on the cumulative preference shares have been postponed again. Profit Up 16 p.c. Sharland and Company, Ltd, lifted its net profit by almost 16 per cent to $290,693 in the year to August 31, the Stock Exchange was advised yesterday. To Double Stock Medical Chambers, Ltd, the Wellington property owner, intends to double its authorised capital by the creation of a million 100 c shares. This will be proposed at the annual meeting on December 22. TraveLodge Grows TraveLodge Australia, Ltd, will be one of three partners in a s7sm plan to build a chain of 50 motor-hotels across Europe. The other partners are TraveLodge International the large United States motor-hotel group in America in which TraveLodge Australia has a large interest, and Trust Houses, Ltd, Britain’s largest hotel organisation. / Bid Imminent Farmers* Finance, Ltd, Christchurch financier, has been notified that Commericial Advances and Securities, j Ltd, Dunedin, intends to ; make an offer for its capital, the directors reported yesterj day to the stock exchange.