OIL AGREEMENT
AMERICAN PROSPECTORS DRILLING ON WEST COAST (By Telegraph.—Press Association) GREYMOUTH, Monday An agreement whereby the Superior Oil Company, California, will prospect for oil in Marsden riding, near Greymouth, has been concluded with New Zealand Oil Concessions, Limited, holders of the license. The agreement, the result of long negotiations, is highly satisfactory to New Zealand, in that the Superior Oil Company will provide the necessary plant and capital for prospecting and drilling on a basis that payment for such is the first charge on the profits, should oil be found. The Superior Oil Company takes up 75 per cent, of the shareholding in New Zealond Oil Concessions, and any subsequent profits will be divided on that basis as between the Ameri-
can and New Zealand shareholders. The Superior Company is known as the largest independent oil-prospect-ing concern in the United States and holds the world’s record for drilling The company is satisfied, as a result of a preliminary survey, that the Grey district is an encouraging field. Tlie seepages at Koluku are hopeful signs.
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Bibliographic details
Waikato Times, Volume 127, Issue 21184, 6 August 1940, Page 7
Word Count
175OIL AGREEMENT Waikato Times, Volume 127, Issue 21184, 6 August 1940, Page 7
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