Patience Needed
(N.Z. Press Association) WELLINGTON, Feb. 26. Shareholders of L and M Oil, N.Z., Ltd. attending the statutory meeting in Wellington today, were asked by the chairman (Mr C. H. Benney) to have patience during the drilling programmes. In an address marked by his optimism, Mr Benney said shareholders should not lose heart if the company’s first hole. Tasman No. 1, proved to l be dry. “If we find oil in the firstsecond or even third hole, and together with the two we already know to bear oil, we will be on to a very big struc ture,” he said. He listed the company’s drilling concession areas and said the prospect of finding oil in them was excellent i In discussion of the statu-i tory report, a shareholder' asked how long after the discovery of oil could a divid end be paid. Mr Benney suggested it would be anything up to eight; years, but another director' (Mr T. J. McKee), thought it should not take that long and suggested that three to five years would be more realis tic.
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Bibliographic details
Press, Volume CIX, Issue 32233, 27 February 1970, Page 16
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180Patience Needed Press, Volume CIX, Issue 32233, 27 February 1970, Page 16
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