Sthn Petroleum interest

Press, 15 August 1984, Page 39

Sthn Petroleum interest

As a result of a series of related transactions between York Resources N.L., Tri-Ace Energy, Ltd, Cue Energy Resources N.L., Petro Taranaki N.L., and Horizon Oil Exploration, Ltd, Southern Petroleum N.L. has acquired a net beneficial interest in PPL 38/114 of 4.5591 per cent, the directors of Southern Petroleum announce. The net beneficial percentage interest of each of the parties named in this announcement is now.— York Resources N.L., nil per cent; Tri-Ace Energy, Ltd, nil per cent; Cue Energy Resources N.L., 5.125 per cent; Petro Taranaki N.L.,

6.43125 per cent; Horizon Oil Exploration N.L., 6.2687 per cent; Southern Petroleum N.L.,4.5591 per cent. The agreements giving rise to these interests have received the consent of the Minister of Energy and remain subject only to the procedural requirements of the joint venture operating agreement for PPL 38/114 participants and certain Reserve Bank consents. No difficulty is expected in either connection, they say. “It is hoped that an announcement regarding future exploration plans in PPL 38/114 will be made on behalf of all participants in the near future.”