HIGH OIL CONTENT

Press, Volume C, Issue 29501, 1 May 1961, Page 18

HIGH OIL CONTENT

Nevis Shale Samples

(N.Z. Press Association) DUNEDIN, April 30. Assays of six near-surface samples of Nevis oil shale have shown a very high average oil content. The chairman of Nevis Shale Development, Ltd. (Mr R. H. Stevenson) today announced the results of the six samples. They are, 13.7 gallons a ton: 17.6 gallons a ton: 16.5 gallons a ton; 25.4 gallons a ton; 19.4 gallons a ton; and 17.7 gallons a ton. “This is much higher than the figure of 13 gallons a ton which was envisaged when the formation of the company was first mooted, and is considerably above that on which the Swedish oil company is operating successfully,” Mr Stevenson said. The results of the assays had been most encouraging to the directors. “In the light of these results. the directors have readily accepted Professor G. J. Williams’s recommendation that a trial bore be sunk immediately, and work will begin at once.” Mr Stevenson said the response to the company’s prospectus had been exceptionally good. Applications for shares considerably in excess of the minimum subscription of 50,000 share* had been received from more than 200 applicants. Because of the confidence of the Otago Development Council in the successful flotation of the company, it had provided the necessary funds temporarily to enable preliminary surveying, mapping and geological investigations to be carried out. In the course of the survey, nearsurface samples of oil shale had been taken at random from different parts of the Nevis Valley. The samples had been assayed by Mr C. L. Carter, at the coal mining research department, faculty of technology. University of Otago. To enable the directors to complete a formal contract for drilling, it was intended that an allotment of shares be made in a week’s time, but applications for shares might still be submitted after that time. Mr Stevenson paid a tribute to the assistance which had been given so readily by Messrs D. G. Kain and S. E. Jolly, on whose runs the deposits are situated.