£1,000,000 SPENT
OIL SEARCH IN N.Z.
THOROUGH OPERATIONS
(Per Press Association.) AUCKLAND, this day.
Since the Petroleum Act was passed in 1937. the prospecting companies have spent approximately £1,000,001 in preliminary survey work,, but have not yet been successful in getting a bore down to the required depth, stated the Minister of Mines, the Hon. P. C. Webb, to-day. He said the expenditure of such a large amount of capital indicated the thoroughness of the work, and he hoped that the operations would prove successful.
‘‘l feel confident that if oil is to be found,” said the Minister, "the skill possessed by the operators and the general technique employed are conclusive evidence that the search is genuine and not a ‘gag,’ as somepeople have been inclined to believe. The acid test is the money being spent and the experts employed. I have the greatest admiration for the men in charge of the operations.”
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Bibliographic details
Gisborne Herald, Volume LXVIII, Issue 20572, 4 June 1941, Page 6
Word Count
153£1,000,000 SPENT Gisborne Herald, Volume LXVIII, Issue 20572, 4 June 1941, Page 6
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