COMPANY NEWS

Evening Star, Issue 23421, 11 November 1939, Page 15

COMPANY NEWS

ANTHONY HORDERN AND SONS INTERIM DIVIDEND UNCHANGED Anthony Hordern and Sons Ltd., Sydney, has advised the Stock Exchange Association that a half-year’s dividend* on the preference shares at the rate of 7i per cent, per annum, and of 2J per cent, on the ordinary shares, will be paid on November 29. Transfer books will be closed from November 16 to 29 (inclusive). The dividend is at an unchanged rate. © WOOLWORTHS (N.Z.) LTD. HEAVY TAXATION PROVISION The net profit of Woolworths (New Zealand) Ltd. for the year ended October 2 of £116,866 was struck after making provision for income tax of £168,500. In the previous year net profit was £125,212 after setting aside £98,000 for taxation. TARANAKI Oil COMPANY SURVEYS PROVINCE Mr F. H. Bass, attorney in Wellington of the Taranaki (New Zealand) Oil Development Company, N.L., advises that Mr J. G. Stout, general manager of the New Zealand Petroleum Company Ltd., has reported to his principals that the geophysical survey of the Taranaki province by means of the seismographic method" has, after lengthy experimenting, now been successfully adapted to determining structural conditions in this region. This is regarded by the Taranaki (New Zealand) Oil Development Company, N.L., which holds indirectly onefifth of the profit-participating shares in the New Zealand Petroleum Company Ltd., as very satisfactory, because.of the importance which experienced oil operators attach to this seismographic survey method in searching for oil in an area like Taranaki, where the sedimentary rocks within a -adius of many miles of Moturoa are ■overed with a superficial layer of volcanic ash. This method of survey, following the gravimetric survey already made by the New Zealand Petroleum Company Ltd. in Taranaki, is the only way yet known of determining structural conditions in covered country of this kind. It is stated that about 65 per cent, of the new oilfields discovered in the United States of America in 19.'1S were concealed oilfields located by the seismographic surrey method. No claim is. of course, made that the seismographic or any other geological or geophysical survey method yet .-developed can point to actual locations where oil will be found, but the methods now being.applied can locate ‘the rock reservoirs or traps in which oil, if existing in the district, should be looked for by drilling. This, so far as Taranaki province is concerned,_ where a limited amount of oil is flawing from wells drilled through ai-'h-covered country at Moturoa, is a very important advance, and has undoubtedly enhanced the prospect of oil I discovery in this area.

When the new drilling plant, now being imported from the United States, to test-drill the Taranaki province for oil arrives more than one drilling site will have been located by geological and/or seismographic survey, and with the continued further progress of the seismographic survey, while drilling is going on. other structural areas to be drilled later will be located. The drilling plant is a powerful modern rotary, capable of sinking wells to depths which it is believed will conclusively test extensive areas in the Taranaki ’and Wellington provinces.. The experience so far gained in drilling in Taranaki with the old-time plants all suggests that the sinking of even deep wells with such nn-tn-date equipment will not prove difficult, and that, therefore, relatively rapid progress in this important oil search work will be recorded once drilling starts earlv in 1940.