Bounty To Survey Sth Canterbury

Press, Volume CX, Issue 32354, 21 July 1970, Page 19

Bounty To Survey Sth Canterbury

(N.Z.P.A. Staff Correspondent) SYDNEY, July 20. Bounty Oil, Ltd, today announced plans for a seismic survey of its South Canterbury concession.

In a letter to the Sydney Stock Exchange the company said it had completed the first stage of the seismic survey over its concession in the Wanganui basin, and that Delta Exploration was in the process of moving the survey crew to the South Island.

The crew will carry out the survey in the South Canterbury concession, which is

located between Timaru and Oamaru. The survey is expected to take about two months. Bounty said that when the survey was finished the crew would return to the North Island to carry out further detailed work to delineate drilling targets in the Wanganui concession.

Bounty has already announced it will drill for oil in the concession. The company also said today that Bounty No. 1 (near Murchison) is drilling ahead at 3245 feet The planned depth of the well is 9000 feet. Feltex Extends Acceptances (N.Z. Press Association) WELLINGTON, July 20 Today’s acceptance date for the offer by Feltex, New Zealand, Ltd. for Reidrubber, Ltd, Auckland, has been extended to August 31. Acceptances have already been received in respect of two-thirds of the shares, and, as announced at the weekend, the bid is now unconditional. The extension is at the request of the board of Reidrubber to protect the interests of shareholders who might have delayed their formal acceptance and did not wish to remain a minority shareholder in Reidrubber. Kanieri Gold The gold dredge Kanieri won 4960 z of bullion for the half month to July 15, after working 237 hours and moving 134,000 yards of spoil.