Prospects for oil seen
WELLINGTON. Jan. 18. The Gulf Oil Corporation thinks it might have found prospects of oil off the South Island. The manager of Gulf Oil’s geophysical vessel Gulfrex (Mr J. Pfmgston) said that he had seen “some encouragement for prospects of oil and gas.” He said that the American-based company had no further plans at present. Gulf has been conducting a seismic survey within the concession areas of Magellan Petroleum New Zealand. Lt<L at least 12 miles off shore. Gulf, by drilling a test well on any of the four exploration blocks, can earn a 50 per cent working interest in that block.
A.M.P. growth Despite a substantial increase in new business written in 1972 by the A.M.P. Society, the growth rate dropped, from 27.3 per cent to 11.1 per cent. The Society wrote a record 53355 m in new sums assured, with annual premiums amounting to SBlm during 1972. For the first time the society’s ordinary sales had passed the two thousand million mark, at 82003 m. Sales of life assurance in New Zealand for the year to December 31, 1972. were s74m higher than in 1971 at a record 8494 m.
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Bibliographic details
Press, Volume CXIII, Issue 33128, 19 January 1973, Page 7
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196Prospects for oil seen Press, Volume CXIII, Issue 33128, 19 January 1973, Page 7
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