Briefs

Press, 12 May 1987, Page 53

Briefs

Welgas offer Welgas Holdings, Ltd, increased the cash offer in its take-over bid for East Coast Gas Supply, Ltd, to 135 c a share. The original offer, made on April 15, was for 130 c, Welgas said in a statement. The share alternative remained the same, except that fractions would be settled by a cash payment on the basis of 135 c for each Eastgas share. Yates move

Yates New Zealand, Ltd, will move into a new $8 million head office in Auckland next month. The fiveacre site in Henderson Place, Onehunga, will house most of the company’s manufacturing and warehousing operations, as well as administrative and data processing functions, chief .executive, Mr Mike Skeggs, said. Stem test

The Kupe South 2 well, located 1.75 km north of the Kuge South 1 gas and con-

densate oil discovery, is being prepared for a cased hole drill stem test programme to evaluate the possible hydrocarbon bearing interval previously indicated, TCPL Resources, Ltd, said yesterday. The hole was at a depth of 3244 metres and seven inch casing had been run and cemented to 3244 metres. Indications of hydrocarbons were found on conventional cores and wireline logs. Ford still leads Sales by the Ford Motor Company of Australia, Ltd, for 1986 totalled sAustlB77 million, down $192 million or 9.3 per cent over the record results of 1985. Company president Mr William Dix said on April 15 that Ford retained Australian market leadership for the fifth consecutive year with a 27.1 per cent share of the total vehicle market. The Australian motor vehicle market during 1986 slumped to its lowest point in 14 years with total industry car and truck sales at 530,251 units, down by 165,000 units or 23.8 per cent from the 1985 level. Ford earned an after-tax profit of sAustl9.2 million, compared with the record profit of $103.5 million in. 1985.