COMMERCE AND FINANCE

Otago Daily Times, Issue 26034, 24 December 1945, Page 5

COMMERCE AND FINANCE

MOTUROA OIL FIELDS

An improvement in oil sales of £1165 6s 9d over the previous year is shown in the annual report of Moturoa Oil Fields, Ltd. This was due to increased production from No. 4 well, which was closed down for a large part of the previous year, plus a contribution toward the cost of bringing the well into production again. The gross profit (£IBO7 4s 10d) is £599 2s 9d higher and the net profit £582 10s higher than the previous year. Since New Zealand Petroleum Company. Ltd., decided to discontinue drilling Moturoa interests in the operations of that company have now ended. To enable the Moturoa Company, to continue operations a mining licence has been taken out covering 10 square miles. Naturally, states the report, the prospects of the company are materially affected by the non-success of the New Zealand Petroleum Company’s efforts, but while any further large-scale drilling plan does not appear feasible, the directors ieel that there is still a prospect of developing the Moturoa shallow field if negotiations that are now taking place can be brought to a successful conclusion. In these circumstances the directors advise that the questions of dividend payment and future policy be deferred.