Holmes a Court oil plan

Press, 12 May 1984, Page 23

Holmes a Court oil plan

NZPA-AAP Melbourne Mr Robert Holmes aCourt has unveiled his grand plan for the oil explorer, Weeks Australia, and said the company could acquire the exploration and possibly the production assets of parent company, Weeks Petroleum. The purchase of Weeks Petroleum’s exploration assets, based in the United States but spread throughout the world, will be a major step in Mr Holmes aCourt’s plans for Weeks Australia to become an “international oil exploration company.” But Mr Holmes aCourt, the recently appointed chairman of Weeks Australia, said directors had not yet decided if the company would acquire the Weeks Petroleum interests. He told shareholders at the Weeks Australia annual meeting in Melbourne that any decision in favour of the acqui-

sition would have to be supported by shareholders of both companies and would need an independent valuation. Weeks Australia was “cash rich,” with cash reserves of J73M by the end of 1984 and these funds would ensure that the company maintained its “very vigorous exploration programme.” Weeks Australia is now a subsidiary of the Holmes aCourt empire by virtue of the take-over of Weeks Petroleum by Bell Resources. Mr Holmes aCourt said there would not be any change in the company’s activities after the take-over except for an increased exploration policy with participation in 30 wells this year. He said the 1984 exploration budget of SISM would probably be increased in future years.