Greymouth oil area ‘very promising’

Press, 13 August 1980, Page 18

Greymouth oil area ‘very promising’

PA Washington The Triton Oil and Gas Company, of Dallas, Texas, believes the off-shore block in which it plans to drill off Greymouth, in conjunction with New Zealand Petroleum, is “very promising.”

“We like the look of this area very much,” the spokesman (Mr Jake Goodson) told NZPA in a telephone interview from Dallas. He said that Triton — which had drilled a number of drv holes on shore in New Zealand before pulling ou t — had agreed to resume exploration after Government changes in the tax laws relating to oil ventures by overseas com, ..nies. “We couldn’t live with the tax position as it was,” he said. “The Government made jt uneconomic for us to be there. Things now look very much better.”

The Government. recently announced that Triton and New Zealand Petroleum had been granted an exploration licence for a 6143 square kilometre block . off Greymouth. Mr Goodson said that Triton, which has a 35 per cent interest in the new licence; hoped to start drilling in the first half of next year.. He said it planned a SUS4M-

SUS4.SM drilling programme in the area.

“We first have to make arrangements for a drilling rig, and we’ll be looking for one that is already in New Zealand," he said. Of the prospects of finding oil, Mr Goodson said: “We are high on the prospect — but you have to put down a hole before you know if there’s any oil there.”