U. Resources gains new oil interests

Press, 1 March 1984, Page 22

U. Resources gains new oil interests

PA Wellington United Resources Investment Holdings, Ltd, has acquired a significant stake in

the Australian listed company, Otter Exploration NL, which has a 2 per cent interest in Witiora 1. The United Resources Investment holdings general manager, Mr R. M. Sealy, said the group had also increased its investment in Mineral Resources (NZ), Ltd and rationalised its investment in NZ Petroleum Exploration companies by selling its subsidiary, United Petroleum, Ltd. At the same time it had increased its investment in both New Zealand Oil and Gas, Ltd and Oil Fields NL, Mr Sealy said. The group had purchased a further 1.67 million 50 cent “par” options in NZOG, and subject to approval by shareholders and appropriate government agencies, 2.5 million additional options were to be acquired in return for the issue by the company of 2.3 million unlisted options. These acquisitions would bring United Resources’ actual and potential equity in

NZOG to 25.3 per cent (previously 18.7 per cent), Mr Sealy said. With the acquisition of a further 5.5 million shares and 1.25 million options in Oil Fields NL, United Resources’ actual and potential equity in that company had been increased to 19.6 per cent (formerly 15.5 per cent). With the increased shares in Oil Fields, Mr Sealy said, the group had decided to sell its wholly-owned subsidiary, United Petroleum, Ltd, to Oil Fields, for $320,000 cash. The group had increased its actual and potential equity in Mineral Resources to 21.7 per cent (formerly 19.3 per cent). The group had acquired a holding of 9.98 per cent in a broad-based mining, investment and exploration company involved in both the oil and mineral sectors in Australia, he said. A director of United Resources has been nominated to the board of Otter.