OIL STRIKE AT TARA
Daily Flow Of 80 Barrels (N.Z.P.A.-Reuter—Copyright) SYDNEY. May 2. Eighty barrels of oil a day are being taken from the Cabawin No. 1 well at Tara. Queensland, according to the most recent rates released today by the Union Oil Development Corporation. A corporation statement said that the well, 150 miles west of Brisbane, was producing 80 barrels of 48 gravity oil with 650,000 cubic feet of gas per day, A Queensland Government announcement earlier this week said drillers were getting between 90 and 100 barrels daily last week: Today’s announcement said that during the testing period rates would vary in accordance with testing procedures. The corporation said that when more conclusive information was available the results would be made public Shares Fall Shares of the Australian Oil and Gas Company, associated with Union Oil in the Tara drill, fell by as much as 7s on Australian stock exchanges today, after sharp rises earlier this week. Market observers attribute the fall partly to profit takers and partly to the slower oil flow.
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Press, Volume C, Issue 29503, 3 May 1961, Page 19
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175OIL STRIKE AT TARA Press, Volume C, Issue 29503, 3 May 1961, Page 19
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