Baku 1 Well To Spud In Next Week

Press, Volume CX, Issue 32351, 17 July 1970, Page 18

Baku 1 Well To Spud In Next Week

(New Zealand Press Association) WESTPORT, July 16. The Sedco 135-F oil rig will start drilling off the West Coast late this month or early next month. The well will be the first in a possible series for Hematite Petroleum (N.Z.), Ltd, a subsidiary of Broken Hill Proprietary Company, Ltd.

Haku 1 (Maori for kingfish) will be drilled about four miles offshore from Barrytown, about 40 miles south of Westport. By drilling this well, Hematite will earn a 50 per cent interest from Esso in its licence, covering 5400 square miles off the West Coast of the South Island, plus two small adjoining onshore areas north of Westport The operations engineer for Hematite (Mr J. Barlow)] said he expected Sedco would start her tow on Saturday.; It would take about four daysl to reach Barrytown, and ! another two to spud m. The first well would take about three weeks to drill. Others could follow, depending on results. Mr Barlow declined to give details of depth at this stage. This information would be given later, he said. Yesterday a tug with the i Sedco rig, the Willem Barendsz, was off Barrytown i setting buoys at the drilling’ site. She has since returned to New Plymouth. Hematite will use Westport; as its base for operations while drilling on the Westi Coast. Its licence extends’ from a point off Farewell:

■Spit to just south of Barry- ! town. i Esso, in carrying out initial investigations in the area over the last few years, did about 40 miles of seismic survey work. Finance House Goes Public

H (N.Z. Press Association) ; j AUCKLAND, July 16. 'I Allied Finance and Invest- - 11 meats, Ltd, the Aucklandbased finance company, has ! been re-registered as a public company, and has raised ' its authorised capital to $250,000. The company intends to broaden its field of activity ’ and compete in areas of hireI purchase financing, indus-trial-development finance, leaseback building, and private home-ownership finance. The company is a member of the extensive Griffiths Holdings groups, a long-! established Auckland firm.; Allied Finance, as a private company, was known as Premier Group. Ltd; and financed the parent group’s operations. The company intends soon To issue a prospectus for $500,000 of secured debentures.