Republic (NX) nearly out of funds

Press, 4 January 1978, Page 22

Republic (NX) nearly out of funds

PA Auckland The Republic Petroleum Corporation (N.Z.) Ltd, has only enough funds to allow it to survive until July 31 the retiring director (Mr G. W. West) said at the annual meeting on December 30.

Mr West was the sole company officer at the company’s eighth annual general meeting, which was attended by about 40 shareholders. The Republic Mineral Corporation, of Houston, had agreed to buy the company’s drilling rig, and assume liability for the balance of its : current, deficit. The Houston company will also make a contribution to allow the

company to continue until at least July 31, Mr West said. Because of more attractive exploration opportunities in Indonesia and Australia, it was now almost impossible to attract exploration money to New Zealand, he said. In answer to a question by a shareholder, Mr West said that he did not believe that the Republic Mineral Corporation on its own “has the strength to pay” the money needed to sink a deep (well the cost of which is I estimated at about $6 mili lion.

Mr West told the meeting (that the New Zealand Government had rejected an approach made by the directors for financial assistance.