Oil exploration reports

Press, Volume CXIV, Issue 33654, 2 October 1974, Page 13

Oil exploration reports

(New Zealand Press Association) WELLINGTON. The chairman of New Zealand Petroleum (Mr C. C. Shepherd), in the company’s annual report, has made the following comments on its various oil-prospecting and mining propositions:

Northland: information obtained indicates that further expenditure would not be merited. Taranaki: must be considered one of the more prospective if not the most prospective on-shore region in New Zealand. Busy seeking participation in future exploration. Takaka: difficult area, assessment will depend on successful completion of two wells to be drilled off-shore. Greymouth: awaiting announcement of Government policy. Westland (continental shelf): results obtained to date favourable and encouraging particularly in the shallower waters. Southland: surrendered three licences to the northwest of Invercargill. Evaluating prospects of drilling a well in the southerly portion of the Waiau block. Mr Shepherd reported that exploration costs for the year had amounted to $249,065, of which $110,451 was spent on direct operations, and $138,614 was administrative expenditure. Contributions by participants in the various programmes amounted to $23,987. Direct interest in some explorations had lapsed and as a result the sums of $69,318 representing licence costs and $349,476 being exploration expenditure were writ-ten-off and eliminated from the accounts, “Consequently the net exploration expenditure of $86,321 is more than off-set by the exploration account write-off of $349,476. Profit and loss account shows a current administrative expendi-

ture of $86,103 after receipt of $41,465 interest. The annual meeting (the company’s thirteenth) will be held on October 17 in Wellington. Shareholders’ funds at February 28 totalled $1,153, 878 ($1,658,775, in 1973) including paid-up capital, $1,828,212.