Oil and Gas wants U.S. shareholders

Press, 27 November 1982, Page 19

Oil and Gas wants U.S. shareholders

PA Wellington New Zealand Oil and Gas, Ltd, a public company set up a year ago to explore licence areas granted by the Ministry of Energy, wants to expand its shareholding in the United States and Canada. The directors told the first annual meeting of shareholders in Wellington yesterday that moves were afoot to gain listings on the New York and Toronto stock exchanges. The Canadian venture could be listed within, two or three months, and the American venture about the middle of next year. The aim was to attract more foreign investment in the company’s exploration, he said.

The chairman. Dr John Watt, said it was still intended to maintain majority New Zealand ownership of the company. New Zealand Oil and Gas has 8000 shareholders, most of them resident in New Zealand. Next year the company, in partnership with other firms, will drill wells offshore in the Taranaki Basin area, using a Scottish-built rig, the Benreoch. The only dissent at yesterday’s meeting came with a recommendation that the directors’ fees be set at $25,000 a year, and divided among the four directors. A shareholder said that Cue Energy Resources, a similar company set up at the same time as N.Z. Oil and Gas and with similar objectives, proposed to set its fees at $lO,OOO, to be split between five directors. However, only two shareholders voted against the $25,000 recommendation. Dr Watt said these were the first fees set. by the company and therefore amounted in part to “backpay” for the first year of operation.