Briefs

Press, 2 June 1984, Page 22

Briefs

Bridgevale work Bridgevale Mining, Ltd, has resumed its oil exploration programme in Texas. Bridgevale Energy Corporation USA, a wholly owned subsidiary of Bridgevale Mining, has reached the farm-in agreement on a 200 ha site in Runnels County, central Texas, and a re-entry well is expected to be started in about four weeks, depending on the weather and the availability of a rig. Drilling is also expected to start on the Copeland No. 1 well in central Texas tomorrow, providing the weather in the region is suitable. Gulf concession An Australian oil company has been awarded a concession to explore for oil on a 125,048hectare block in the northern offshore area of the Gulf Emirate of Fujairah. Sheikh Saleh ibn Muhammad alSharqi, director of the Industry and Economy Department in Fujairah, said the concession was awarded to Meridien Oil N.L., subsidiary of Miniplex Resources Pty, Ltd, of Australia. A Canadian group found “positive signs” of oil off the Emirate earlier this year. Good forecast nPLC forecast a on (?NZI4O million) pre-tax profit for the year ending June 30, up 32 per cent from £49.1 million in 19821983. The company forecast a pre-tax profit of £72 million for the next year, 1984-1985. It said the forecast for the current year reflects a much increased profit contribution from lumber operations in Canada, food processing, agricultural merchanting and feeds activities in the U.K., and agricultural supplies in Australia.

Diamond loan The European Banking Company, Ltd, has announced the syndication and signing of a SUS 32 million (SNZ4BM), 12year loan for the Northern Mining Corporation’s 5 per cent interest in the Argyle Diamond Mine Development in Western Australia. The main project construction has begun and, upon completion, the mine and plant will recover about 25M carats a year of predominantly cheap gem and industrial diamonds. They will come from 3M tonnes a year of mined kimberlite ore.