BEACH PET. FARM-OUT
Oil survey in Westland CN.Z. Press Assn. —Copyright) SYDNEY, March 21. The directors of Beach Petroleum NL announced that the New Zealand Petroleum Company, Ltd, had reached an agreement with Shell, BP, Todd Oil Services, Ltd, granting New Zealand Petroleum an option to earn a 50 per cent interest in Westland offshore petroleum prospecting licence No. 683. New Zealand Petroleum is obliged to conduct an extensive seismic survey over the licence. area. It will then have the right, subject to certain conditions, to commit to drill one off-shore test well to earn a 50 per cent interest. The agreement is subject to the consent of the New Zealand Minister of Mines. The seismic survey will begin immediately and will be done in conjunction with additional off-shore seismic work in New Zealand Petroleum’s Westland licences, which are adjacent to licence No. 683. The two programmes will consist of about 500 miles of survey lines. Beach owned a beneficial interest of 1 9-16 per cent in the off-shore area, and 3 1-8 per cent in the on-shore areas.
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Press, Volume CXI, Issue 32561, 22 March 1971, Page 20
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179BEACH PET. FARM-OUT Press, Volume CXI, Issue 32561, 22 March 1971, Page 20
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