Con Pet loss
Consolidated Petroleum Australia, NL, has written off SNZI3.SM as its share of working a dry Bass Strait licence area. This abnormal cost turned a trading profit of $676,000 into a $12.9M loss for 1985. In 1984, it earned $171,600 after a tax writeback of $101,400. The permit consortium, in which the company held 12.5 per cent, made application to surrender the permit last September after a string of unsuccessful wells. Regan call White House chief of staff, Mr Donald Regan said he thought that the United States prime rate should be reduced. Regan, speaking on NBC television, said the prime rate, the rate banks charge their best customers, should go down by at least 1 per cent and he would encourage banks to drop the rate.
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Bibliographic details
Press, 22 April 1986, Page 25
Word Count
129Con Pet loss Press, 22 April 1986, Page 25
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