Mineral Resources to expand exploration

Press, 1 June 1981, Page 8

Mineral Resources to expand exploration

PA Auckland Mineral Resources N.Z., Ltd, will support the flotation of a new public exploration company. New Zealand Oil and Gas, Ltd. The shares will be offered to the public and stock exchange listing applied for., . Details of the issue will be announced soon. The chairman of Mineral 'Resources (Dr J. S. Watt) said that a proportion of the NZOG issue would be reserved for Mineral Resources shareholders on a non-renounceable basis. It was intended that NZOG ’would acquire the whole of the capital of Stewart Petroleum Company, Ltd, includ-

ing the Mineral Resources shareholding, he said. Stewart Petroleum has a capital of $lOO,OOO and is owned 60 per cent by Pan Pacific Petroleum, NL of Australia and 30 per cent by Mineral Resources. The re- • maining 10 per cent is held by New Zealand and Australian individuals. Stewart Petroleum has been granted a 40 per cent interest in petroleum prospecting licence 38113 which is adjacent to the southwest coast of the North Island, immediately northeast of the production licence containing 1 the Maui gas condensate ’ field and about 20 kilometres ■ west of the recent onshore ■ McKee oil discovery.

The other major participant in this area is the Government-owned Petrocorp. Stewart Petroleum also has an 80 per cent interest in licence number 38110, an area of 9550 sqf km to the west of the Maui field.

Dr Watt said exploration planning and evaluation was already well underway and the proceeds of the new issue would be applied to further prospecting of the two licence areas and any others which might be granted as.a result of current and intended applications. He said discussions had begun with several major oil explorers regarding joint participation in some areas.