NEWS IN BRIEF

Press, Volume CX, Issue 32439, 28 October 1970, Page 25

NEWS IN BRIEF

Bounty oil test

Bounty Oil, Ltd, reports that the Hove McCarreil No. 1 well in North Dakota where the company has a prospective 30 per cent interest, has produced a good show of gas and oil at a depth of 9997 ft. An attempt will be made to core a 60ft zone and 'test. After the results of the test which should be completed today, a further report will be issued. Petrous warning A warning to shareholders to retain their holdings has been issued by the chairman of Petrous Industries, Ltd (Mr R. J. Knowles) in his report to be presented to the annual meeting in Dunedin. The company, which formerly operated a roof tile manufacturing factory, has not traded for tne last two years. Mr Knowles said that the company was in an unusual position in the substantial tax losses amounting to $172,424 which had been incurred, and under certain conditions that could be carried forward. In addition capital gains amounting to $84,645 Were available to the shareholders free from personal dividend tax.

Norseman dividend

The directors of Central Norseman Gold Corporation NL have declared a dividend of 10c a share payable on December 11 to shareholders registered on November 13. The dividend which has been declared wholly and exclusively out of profits derived from gold mining in Australia, is payable out of accumulated undistributed profits of previous years. Payment of this dividend will reduce the company’s cash resources to about $500,000.