Oil explorer makes call

Press, 15 November 1984, Page 30

Oil explorer makes call

Petro Taranaki NL is to make a call on its existing 50 cent shares now paid to 25 cents. The directors will ask shareholders to pay an additional 5 cents to help fund coming oil exploration drilling. Petro Taranaki raised $5 million when it floated with the issue of 20 million shares in August last year. The call now seeks to raise a further $1 million. The directors told the stock exchange yesterday the company would have sufficient funds to meet its obligations in the two well programme in the PPL 38114 licence area off Taranaki after the call and farm out deals it had made on its licence holdings. A rig will be brought to New Zealand next month to drill the two wells, in the same licence area where Moki 1 flowed oil last

December. “The company has recently entered into farm-out arrangements with regard to its funding obligations for the forthcoming two well drilling programme in PPL 38114 and details of such farmouts will be announced in due course,” the directors said. The. directors said a notice to sharehodlers would contain full details of the steps to be taken by them for paying the call and the method to be adopted by the stock exchange regarding future quotation of the shares.

"Calls may be paid by shareholders at any time before the due date but failure to pay the full amount of the call will .result in the forefeiture of the shares pursuant to article 31,” the directors said.