Lower oil prices worry Crusader
By AAP Correspondent
CLAIRE RANKIN,
ttirough NZPA
Brisbane Any slow-down in exploration, as a result of oil producers becoming less viable through lower domestic oil prices, will have a drastic effect on Australia’s economy in years to come, the directors of Crusader, Ltd, said. Lower domestic oil prices will reduce Australian producers’ revenue and profit, they said in announcing the group’s latest financial result.
They said a reduced cost structure for rural and export industries should be achieved by lower Federal Govern-
ment taxes on fuel. The Crusader directors emphasised that Australian oil producers need a fair price for their oil to meet financial obligations, having borrowed heavily to develop discoveries, they said. Crusader increased net profit 43.8 per cent to sAustB.6 million from $6.0 million during the six months ended November 30. The directors declared a steady interim dividend of one cent a share, payable on March 26.
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Press, 19 February 1986, Page 39
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154Lower oil prices worry Crusader Press, 19 February 1986, Page 39
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