$50M credit for Petrocorp
The State-owned Petroleum Corporation of New Zealand has arranged a SUSSOm two-year club credit extendable to three years, Orion Bank, Ltd, the lead manager, said.
Interest will be at -} per cent over London interbank offered rates in the first two years, and at three eighths per cent if the loan is extended to three years. This is the first time that this entity has come to the international market, and other banks in the deal include Midland Bank, Scandinavian Bank, and . Societe Generale.
Petroleum Corporation also announced that it had been necessary to abandon attempts to free the drilling pipe that had become stuck in the lower part of the McKee no. 2 well in Taranaki. The pipe jammed when the hole was at a depth of 2463 metres.
This pipe would have to be by-passed to complete the drilling of the well, the company said in a statement. A deviation was begun at 2090 metres, and on Friday the new hole was at 2190 metres,
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Press, 22 September 1980, Page 26
Word Count
170$50M credit for Petrocorp Press, 22 September 1980, Page 26
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