Oil Fields purchase
Oil Fields NL has purchased United Petroleum, Ltd, and so increased its stake in the Witiora 1 well and acquired new interests in two onshore Taranaki prospecting areas. The onshore areas are 38083 and 38084, in south and east Taranaki, and Oil Fields said yesterday they could be drilled later this year. United Petroleum has a 2 per cent interest in Witiora 1 (in area 38113) and Oil Fields has 10 per cent. The latter company said the interests had been acquired as a result of an agreement to purchase all United Petroleum’s capital for $320,000.
As the cost of drilling the Taimana 1 and Tahi 1 wells off Taranaki was lower than had been estimated in the company’s prospectus, Oil Fields’ total expenditures were unlikely to increase as a result of the acquisition, the company said.
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Press, 1 March 1984, Page 22
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140Oil Fields purchase Press, 1 March 1984, Page 22
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